Which of the following trades is NOT under the jurisdiction of the SEC?

The correct choice is based on the jurisdiction of the Securities and Exchange Commission (SEC) over securities transactions. Generally, the SEC oversees transactions involving securities that are offered or sold in the United States, or that involve U.S. residents.

In the case of the sale of a U.S. company's stock by a broker-dealer located in Paris to an investment fund in Geneva, both the broker-dealer and the buyer are outside of the U.S. Therefore, this transaction is not subject to SEC regulations because it occurs entirely outside the jurisdiction of U.S. securities laws. The SEC typically has authority primarily over transactions involving U.S. securities and participants where the U.S. market is affected, but this situation falls outside of that purview as it involves foreign entities transacting outside the U.S.

Transactions in the other scenarios involve either U.S. entities or U.S. residents, which gives the SEC jurisdiction to oversee those trades. This is why they are subject to SEC regulations, whereas the transaction involving the U.S. company stock handled internationally does not meet the criteria for SEC oversight.