The following securities are exempted from §§ 11–205 and 11–501 of this title: (1) (i) Any security, including a revenue obligation, issued or guaranteed by the United States, any state, any political subdivision of a state, or any agency or corporation or other instrumentality of one or more of them; or (ii) Any certificate of deposit for any […]
The following transactions are exempted from §§ 11-205 and 11-501 of this title: (1) Any isolated nonissuer transaction, whether effected through a broker-dealer or not; (2) Any nonissuer distribution of an outstanding security if: (i) A recognized securities manual contains the names of the officers and directors of the issuer, a balance sheet of the issuer as of […]
(a) (1) The Commissioner by order may deny or revoke any exemption specified in § 11–601(9), (11), or (17) or § 11–602 of this subtitle with respect to a specific security or transaction. (2) The order may not be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions […]
(a) In a civil or administrative proceeding under this title, a person claiming an exemption or an exception from a definition has the burden of proving the exemption or exception. (b) In a criminal proceeding under this title, the burden of going forward with evidence of a claim or exemption or exception from a definition is on […]
