Series 7 Exam Question 172: Answer and Explanation

Question: 172

Under the Securities Act of 1933, which of the following securities must be registered with the SEC?

• A. Closed-end funds
• B. Variable annuities
• C. Open-end funds
• D. All of the above

Correct Answer: D

Explanation:

D. The securities listed in this question are all nonexempt, meaning that they all have to register with the SEC. The Securities Act of 1933 requires all new nonexempt issues of securities sold to the public to be registered. In general, exempt issues include municipal securities, U.S. government securities, bank issues, private placements, intrastate offerings, and securities issued by nonprofit organizations.