Module 3

Question 1

How long is a registration statement effective for securities?

Answer 1

One year from the effective date.

Question 2

What are exempted securities?

Answer 2

• Securities issued by the U.S. Gov and Municipals
• Securities issued by Canadian Gov. and whom the U.S. have diplomatic relations with
• Securities guaranteed or issued by Banks, Saving and Loan Associations, Insurance Companies, Credit Unions
• Securities issued by Railroad, Common Carriers, Utility Companies
• Securities on Certain Exchanges
• Securities issued by Non-profit Persons
• Commercial Paper
• Employee Benefit Plans
• Securities issued by Co-ops

Question 3

What are Federal Covered Securities?

Answer 3

• Nationally Traded Securities
• Securities issued by Investment Companies under the Investment Company Act (mutual funds, closed-end, UITs)
• Securities Exempted from registration under the 1933 Act except:
  
  • Securities issued by non-profit
  • Municipal securities in the state of issue
  • Intrastate offering - Rule 147