Neither exempt securities nor exempt transactions require full registration with the SEC. The most common exempt securities are those issued by governments, charities, and financial institutions like banks and insurance companies. Thus, they have little application to most businesses. Depending on the exempt transaction involved, the presale disclosures and filings with the SEC range from none to something only slightly less than a full registration statement. Most exemptions prohibit general solicitation. 

Question 

Compare and contrast exempt securities and exempt transactions.