Which of the following types of securities or securities transactions are exempt from the need to be

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Question:

Which of the following types of securities or securities transactions are exempt from the need to be registered under the Securities Act of 1933?

I. Commercial paper with a maturity of nine months or less.
II. Intrastate issues in which the securities are offered and sold only within one state.
III. Securities exchanged by an issuer exclusively with its existing shareholders with no commission charged.
Multiple Choice