1.1.6. 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 ho