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Which of the following securities offerings is not exempt from registration prior to their sale? A. offerings of more than $5 million. B. securities issued

Which of the following securities offerings is not exempt from registration prior to their sale?

A. offerings of more than $5 million.

B. securities issued by governments.

C. securities issued by banks.

D. securities issued by savings and loan associations.

E. offerings of no more than $1 million made to any number of investors within a 12-month period.

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