*How it works: You the acronym "C4. R. E. F.T.I." or simply "Crefti" each time one is asked figure out which security will be exempt from state registration. The definition of CREFTI is for non-exempt securities. ANY SECURITY ON THIS LIST MUST BE REGISTERED AT THE STATE LEVEL.
Non-Exempt securities (MUST register):
*C- Commodity Futures
*F- Fixed Annuities
*T-Traditional (Whole ) Insurance
*I -IRA or Keogh plans
(Hint: any security not on this list IS either an exempt or Federal Covered security, thus need not register at the State level)
Answer: Use CREFTI --anything NOT on this list is exempt from registration! (Bingo!)