Which of the following does NOT have a federally imposed exemption from registration with the SEC?
A) Securities issued or guaranteed by a state or political subdivision of a state.
B) Commercial paper with maturities of 9 months or less where the proceeds are not used for capital expenditures.
C) Shares of bank holding companies traded on the New York Stock Exchange.
D) Securities issued or guaranteed by the U.S. government.
Answer: C) Shares of bank holding companies traded on the New York Stock Exchange.