Identify the antifraud rule: does an exemption from registration remove antifraud liability?
QUESTION
Identify the correct rule: a security is federally covered; can a state require merit review registration?
QUESTION
What is an exempt security (USA concept) in one phrase?
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ANSWER
A security exempt from state registration by security type. Exempt securities are excused from state registration based on inherent characteristics, such as government or bank-issued securities.