[Series 66] 39, Exempt Securities vs Exempt Transactions

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- How exempt securities derive status from what the security is, regardless of how it is traded.

- Why bank-issued securities are exempt while bank holding company stock requires registration.

- How exempt transactions derive status from how or to whom a sale is conducted.

- The state private placement rule allowing offers to no more than 10 non-institutional investors in 12 months.

- The fundamental rule that no security or transaction is ever exempt from anti-fraud provisions.

For independent Series 66 study resources and free practice tools, visit https://open-exam-prep.com/practice/series66 and subscribe to https://www.youtube.com/@Open-exam-prep .

Sources checked: September 14, 2026

https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf

https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/