A licensed agent with a registered broker/dealer in a state would be permitted to engage in which of the following transactions in unregistered nonexempt securities?
A) The sale of commercial paper with a 12-month maturity.
B) The sale of a preorganization certificate on which the agent receives no commission on the amount paid by the investor.
C) A private placement.
D) A solicited transaction in a small Canadian mining company.
Answer: A private placement.