Which one of the following statements is true regarding selling non-exempt securities?

When dealing with the sale of non-exempt securities, it is essential to understand that these securities must abide by the registration requirements set forth by state and federal securities laws. Non-exempt securities are those that do not qualify for any of the exemptions outlined in regulations; hence, their sale typically requires the involvement of properly registered individuals.

In this context, the correct assertion is that the employee must register as an agent. This is because, to legally sell non-exempt securities, an individual typically must be authorized and registered with the appropriate regulatory authorities. This ensures that the individual has met the necessary qualifications and that sales are conducted within legal parameters to protect investors.

In contrast to this correct assertion, it is incorrect to think that the issuer does not require registration, as non-exempt securities generally need to be registered with the relevant regulatory bodies. While additional approvals may sometimes be necessary depending on specific circumstances, that is less about the sale process itself and more about compliance with regulations. The idea that securities cannot be sold publicly is also inaccurate; after fulfilling registration requirements and other regulatory measures, non-exempt securities can indeed be sold to the public.