Typically,exemptions from registration under the 1933 Act are based on either the type of security or the type of transaction.

Question

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Exemptions from registration under the 1933 Act can be based on either the type of security, such as municipal securities or certain small offerings, or the type of transaction, such as private placements or transactions by an issuer not involving a public offering.

Typically,exemptions from Registration Under the 1933 Act Are Based on Either