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NEW QUESTION: 1
Which of the following securities would be exempt from state registration requirements, according to the
Uniform Securities Act?
I. a municipal bond issued by the Canadian province of Nova Scotia
II. a bond issued by the county of Cork, Ireland
III. a bond issued by Nationwide Insurance Company
A. Selection III only
B. Selection I and III only
C. Selection I only
D. All of the selections would be exempt from state registration requirements under the Uniform
Answer: B
Explanation:
The municipal bond issued by the Canadian province of Nova Scotia and the bond issued by
Nationwide Insurance Company are both exempt securities under the Uniform Securities Act. Bonds
issued by Canadian government entities at both the national and the municipal level and bonds issued by
domestic entities in highly regulated industries, as is the case with insurance companies, are exempt. The
bond issued by a county in Ireland is not exempt; with the single exception of Canada, only bonds issued
by national governments with which the U.S. has diplomatic relations are exempt.