6.4.  Exemptions from the SEC Registration Process

While most securities sold in the U.S. must be registered 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 (CMOs and MBSs)
• • Securities issued by a nonprofit (including church bonds)
• • Commercial paper (debt securities that mature in under nine months)
• • Bankers’ acceptances (debt securities that mature in under nine months)
• • Bank securities (not including bank holding co