Just call us Bond. Amortized bond.
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A security that does not have to meet the registration requirements of The Securities Act of 1933.
Usually, exempt securities are backed by or insured by a government or government institution, banks or depository institutions, insurance companies authorized to do business in the state, railroads and public utilities securities, options or warrants, employee benefit plans, equipment trust certificates, and nonprofits.
The idea, generally, is that these securities are less of a risk for investors so the SEC doesn't have to get involved.