[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/