Please explain difference between the right and wrong answer. Seems redundant at best

This seems poorly worded. How is a bd trading both exempt and non exempt wrong, but all these choices correct?

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Hi @Round_purple_hyena! Thanks for pointing this out. You’re right. The concept behind this question is testing your knowledge of broker-dealer regulations. Regardless of the type of security being traded, broker-dealers are regulated by the Securities Exchange Act of 1934.

Both of the answers choices at the bottom are essentially stating the same thing. The question will be updated to remove the redundancy. We appreciate your insight!

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