As it relates to the United States securities law, an exempt transaction is simply a transaction for which registration is not required.
To put this in context, virtually any time someone invests money, a securities transaction is involved, and all securities transactions require registration with the government, unless exempt. There are numerous exemptions, the most common one is the private placement exemption, where securities are not offered to the public.
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.