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Finra Series-63 Exam - Topic 7 Question 14 Discussion

Which of the following securities would not necessarily be exempt from state registration?
A) a stock listed on the Tokyo Stock Exchange
B) a bond guaranteed by the Canadian government
C) a bond issued by another state's employees' credit union
D) a stock listed as a NASDAQ National Market Issue.

Finra Series-63 Exam - Topic 7 Question 14 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 14
Topic #: 7
[All Series-63 Questions]

Which of the following securities would not necessarily be exempt from state registration?

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Suggested Answer: A

Stocks listed on the Tokyo Stock Exchange would not necessarily be exempt from state registration. Stocks that are registered with the SEC, such as NASDAQ National Market Issue stocks, securities issued or guaranteed by the Canadian government, and securities issued or guaranteed by banks or credit unions are all exempt.


by Wilburn at Aug 16, 2025, 07:40 PM

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Brice
7 months ago
Definitely, bonds from other states can be tricky.
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Craig
7 months ago
I agree, state registration can still apply.
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Elza
7 months ago
A stock listed on the Tokyo Stock Exchange isn't exempt.
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Deonna
7 months ago
NASDAQ stocks are usually exempt, right?
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Leatha
7 months ago
Wait, are we sure about that? Seems odd!
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Noe
8 months ago
I'm a bit confused about the credit union bond. I thought it could be exempt, but now I'm questioning if it really depends on the state laws.
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Audry
8 months ago
I practiced a question similar to this, and I think bonds from other states might not be exempt. Could it be option C?
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Louvenia
8 months ago
I feel like the bond guaranteed by the Canadian government might be exempt, but I can't recall if that applies to state registration.
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Lavera
8 months ago
I think I remember that securities listed on major exchanges like NASDAQ are usually exempt, but I'm not entirely sure about the Tokyo Stock Exchange.
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Cordie
9 months ago
This seems like a good opportunity to apply the principles we've learned. I'll carefully consider each option and eliminate the ones that are clearly exempt.
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Alesia
9 months ago
I'm a bit confused on this one. I'll need to review my notes on state securities registration requirements to figure out which of these would not be exempt.
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Bok
9 months ago
I'm pretty confident I know the answer here. The key is to focus on the specific wording of the question and the exemptions that apply.
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Salena
9 months ago
Okay, let's see. I know stocks listed on major exchanges like the NYSE are usually exempt, but what about other exchanges like Tokyo? And bonds can get tricky with the different government guarantees.
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Odette
9 months ago
Hmm, this is a tricky one. I'll need to think carefully about the exemptions from state registration for different types of securities.
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Nichelle
10 months ago
I believe A and D could be exempt too, but C is the most obvious choice.
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Nobuko
10 months ago
But what about A and D? They seem like they could also be exempt.
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Shalon
10 months ago
I agree with Lennie, because it's issued by another state's credit union.
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Lennie
11 months ago
I think the answer is C.
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Sabrina
11 months ago
Hmm, I'm not sure about this one. I'm leaning towards option B, since bonds guaranteed by the Canadian government might be exempt from state registration.
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Vannessa
11 months ago
I think option C is the correct answer. Bonds issued by state-level credit unions are not necessarily exempt from state registration requirements.
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Anjelica
10 months ago
I agree, bonds issued by state-level credit unions may not be exempt from state registration.
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Gretchen
10 months ago
I think option C is the correct answer.
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