Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'exempt transaction'?

A. public offering involving securities that are excused from certain regulatory reporting requirements
B. securities transaction for which there is no requirement to register the transaction with a regulatory agency
C. legal document that states the objectives, risks and terms of an investment
D. offering of securities made privately to a limited number of qualified potential investors

Answer: securities transaction for which there is no requirement to register the transaction with a regulatory agency