# [Series 65] 70, Exempt Securities and Exempt Transactions

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-70-exempt-securities-and-exempt-transactions
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-70-exempt-securities-and-exempt-transactions.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-06-02T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-65-70-exempt-securities-and-exempt-transactions
Audio file: https://episodes.captivate.fm/episode/d65baa7f-939e-4fdf-a16c-289170ee0a6b.mp3
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JSON: https://stenobird.com/v1/public/podcasts/open-exam-prep-7140559/episodes/series-65-70-exempt-securities-and-exempt-transactions
Duration seconds: 179

## Resource

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: - To distinguish between exempt securities (based on what they are) and exempt transactions (based on how they are sold). - That securities issued directly by a bank are exempt, while those issued by a bank holding company are not. - Why variable annuities are considered non-exempt securities that must be registered, unlike fixed insurance products. - The specific state rules for a private placement: offers to no more than 10 non-institutional investors in a 12-month period. - The critical rule that no security or transaction is ever exempt from the anti-fraud provisions of the Uniform Securities Act. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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