Series 82: Exempt Classes Of Securities Under The 1933 Securities Act

Exempt Classes of Securities Under the 1933 Securities Act

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. Examples of exempt securities are:

• • U.S. Treasuries
• • Municipal securities
• • Securities issued or guaranteed by a federal agency (Fannie Mae, Ginnie Mae, Freddie Mac)
• • Securities issued by a nonprofit (including church bonds)
• • Commercial paper matures in under nine months
• • Banker’s acceptances mature in under nine months
• • Bank securities (not including bank holding companies)
• • Eurobonds

Securities that are nonexempt (must register) are:

• • Stocks
• • Corporate bonds
• • American Depository Receipts

All non-exempt securities offered for sale in the U.S. must be registered with the SEC unless they meet the requirements for an exemption. If a company’s securities issues meet the exemption criteria, the issuer may offer its securities without complying with the SEC’s rigorous registration requirements.

Note: Even though exempt securities are not required to register with the SEC, they are still subject to all anti-fraud laws under the 1933 Securities Act.

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