Which of the Following Is an Example of a Transaction

Which of the following is an example of a transaction that is exempt from the registration requirements of the 1933 Act?

A) Securities issued by municipal governments in the United States and offered solely to banks.
B) Securities issued by nonprofit charitable organizations and offered solely to institutional investors.
C) Securities issued by banks and offered solely to investors sophisticated in investment matters.
D) Securities issued by for-profit corporations and offered solely to intrastate investors.

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