USA Exempt Securities Conflicting Info?

FINRA FINRA Series 66
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Hi everyone,

Going through Series 66 material and was confused on Uniform Securities Act exempt securities since in the textbook in separate sections of exempt securities gives conflicting info.

Previously, had stated federal savings and loan associations + Building and loan associations are NOT exempt securities, yet in the answers to one of the quiz questions and in future textbook text, it says they are.

If anyone can clarify, would be much appreciated. Thanks!

Exempt Securities
Exempt Securities770×891 114 KB

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Hi, great question. This is a complex subject because different exemptions apply to different situations and types of registrations. These passages are seemingly contradictory because they cover different scenarios.

We’re discussing the best way to clarify this with our instructional design team and will follow up soon!

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Thanks so much Justin! Looking forward to it.

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Hi @Jonathan_Kautzer, I appreciate your patience.

After evaluating this, we ultimately decided to make only a small change to our chapter on Agent exclusions:

  • Any security issued by a bank, savings institution, or trust company
    • Agent exclusion does NOT include these exempt securities:

Basically, these securities are exempt, but they are not a prerequisite for the agent exclusion.

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