Which of the Following Describes an "Exempt Security," as Defined

Which of the following describes an "exempt security," as defined by the Uniform Securities Act (USA) ?

A) An exempt security is any security that is being sold by an institutional investor, such as a bank, to another institutional investor, such as another bank or an insurance company.
B) An exempt security is one that need not be registered in the state in which it is sold.
C) An exempt security is any security being sold as a private placement.
D) An exempt security is any security that is being sold in an isolated non-issuer transaction.