Final answer:
Disclosures for exempt securities are called Private Placement Memorandums (PPMs). PPMs are legal documents that provide detailed information about the securities being offered to a limited number of investors. They are required for exempt securities offerings to ensure investors have access to accurate information.
Step-by-step explanation:
Disclosures for exempt securities are called Private Placement Memorandums (PPMs).
PPMs are legal documents that contain information about the securities being offered to a limited number of investors, usually institutional investors or accredited individuals. These documents provide detailed information about the company, its financials, risk factors, and other relevant information.
PPMs are required for exempt securities offerings to ensure that potential investors have access to accurate and complete information about the investment opportunity.