Series 7 Exam Question 340: Answer and Explanation

Question: 340

Under the Securities Act of 1933, which of the following securities are exempt from registration and disclosure provisions?

• A. Railroad equipment trust certificate
• B. Municipal bonds
• C. Commercial paper maturing in 270 days or less
• D. All of the above

Correct Answer: D

Explanation:

D. All the securities listed are exempt securities and are, therefore, exempt from the registration and disclosure provisions under the Securities Act of 1933.