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Exempt Transactions

Learn about securities transactions that are exempt from the registration requirement before being offered.

Transcript

In this lesson, we’ll learn about securities transactions that are exempt from the typical securities registration process.

I. Exempt Transactions

Section 4 of the Securities Act exempts certain transactions from Section 5’s registration requirement. The most important exemption under Section 4 is the private-placement exception found in Section 4(a)(2), which exempts from registration transactions not involving any public offering. For this exception to apply, it’s critical...