Which of the Following Securities Offerings Is Not Exempt from Registration

Multiple Choice

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

A) Securities issued to a company's board of directors.
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.