Securities that do not need to be registered with the SEC under the Security Act of 1933 or the Securities Exchange Act of 1934. Examples of exempt securities include small issues, agency securities, most other debt instruments issued by the federal or a local government, and issues made only in a single state. Private placements are also usually exempt from registration.
A security that is exempt from registration under the Security Act of 1933 or from margin requirements of the Securities Exchange Act of 1934. Examples of exempt securities are small issues, intrastate issues, and direct placements.