Exemptions from the Registration Process
While most securities sold in the U.S. must register with the SEC, the Securities Act of 1933 exempts certain kinds of securities from registration. These are called exempt securities. Examples of exempt securities are:
- • U.S. Treasuries
- • Municipal Securities
- • Securities issued by a non-profit (including church bonds)
- • Commercial paper (matures under 9 months)
- • Banker’s Acceptances (matures under 9 months)
- • Eurobonds
Securities that are non-exempt:
- • Stocks
- • Corporate bonds
- • American Depository R