📝 Series 65 Question of the Day — August 12, 2026

Under the Uniform Securities Act (USA), which of the following would be exempt from both state registration and any requirement to file advertising or sales literature with the Administrator?

I. Shares of an open-end investment company registered under the Investment Company Act of 1940

II. Common stock listed on the Nasdaq Stock Market

III. Prime commercial paper maturing in 60 days, issued in $250,000 denominations, and rated in one of the top three categories by a nationally recognized rating organization

IV. U.S. Treasury notes

A) I only

B) II, III, and IV

C) II and IV

D) I, II, III, and IV

💬 Drop your answer in the comments! The answer & explanation will be revealed tomorrow.

🎓 Want unlimited practice questions? Try Lurne AI — free to start.

Topic: Laws, Regulations & Ethical Obligations