§ 5201. Exempt securities The following securities are exempt from the requirements of sections 5301 through 5306 and 5504 of this chapter: (1) A security, including a revenue obligation or a separate security as defined in 17 C.F.R. § 230.131, issued, insured, or guaranteed by the United States; by a state; by a political subdivision […]
§ 5202. Exempt transactions The following transactions are exempt from the requirements of sections 5301 through 5306 and 5504 of this chapter: (1) An isolated nonissuer transaction, whether effected by or through a broker-dealer or not. (2) A nonissuer transaction by or through a broker-dealer registered or exempt from registration under this chapter and a […]
§ 5203. Additional exemptions and waivers A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of sections 5301 through 5306 and 5504 of this chapter; and an […]
§ 5204. Denial, suspension, revocation, condition, or limitations of exemptions (a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under subdivision 5201(3)(C), (7), or (8) or section 5202 of this […]
