Under Exempt Securities, which category includes securities of employee benefit plans?

• A. Employee benefit plans
• B. Municipal securities
• C. Insurance company securities
• D. Foreign government securities

Answer: (A)

Securities issued by employee benefit plans are exempt from registration. This category covers plans established by employers to provide retirement or other benefits to employees, such as company-sponsored benefit plans. The exemption helps reduce regulatory burden for these plans while still offering protections through the plan’s regulatory framework.

In this question, the category that includes securities of employee benefit plans is the employee benefit plans category. The other options—municipal securities, insurance company securities, and foreign government securities—are separate exempt categories that pertain to different kinds of issuers, not to employee benefit plans.