Final answer:
The correct answer is option d. issued with a term of less than one year.
Step-by-step explanation:
Commercial paper is not required to be registered with the SEC because it is issued with a term of less than one year. The SEC (Securities and Exchange Commission) requires registration for securities with longer terms, such as bonds.
Commercial paper is a short-term debt instrument that allows companies to borrow money from investors for a period of less than one year. It is commonly used by corporations to fund their daily operations or manage short-term cash needs.