Under the Securities Acts of 1933, registration is required for which of the following securities?

The correct answer, American Depository Receipts (ADRs), requires registration under the Securities Act of 1933 because these securities represent shares in a foreign company and are offered to U.S. investors. The Act mandates that securities offered to the public must be registered to ensure transparency and provide investors with essential information about the investment.

The Securities Act of 1933 was established to provide a regulatory framework for the issuance of securities, primarily focusing on the need for disclosure and protecting investors from fraud. Securities like common stock and options are typically registered unless they qualify for an exemption. In the case of private placements, these are also generally exempt from registration under Regulation D, designed for offerings to a limited number of investors. Thus, ADRs, being a public offering format for foreign equities, fall under the registration requirement, making them the correct choice.