Which of the following securities offerings is not exempt from registration prior to their sale?
A) Securities issued to a company's board of directors.
B) Securities issued by governments.
C) Securities issued by banks.
D) Securities issued by savings and loan associations.
E) Offerings of no more than $1 million made to any number of investors within a 12-month period.

Question

Quizplus · Accepted Answer

Securities issued to a company's board of directors are not automatically exempt from registration; they may require registration unless they qualify for another specific exemption.

Which of the Following Securities Offerings Is Not Exempt from Registration