Exempt Securities

Certain securities are exempt from the registration provisions of the Securities Act of 1933 because of the issuer or the nature of the security. While the securities may be exempt from the registration and prospectus requirements of the act, none are exempt from the anti-fraud provisions of the act.  Examples of exempt securities are:

  • Debt securities with maturities of less than 270 days and sold in denominations of $50,000 or more
  • Employee benefit plans
  • Option contracts both puts and calls on stocks & indexes

 Examples of exempt issuers are:

  • US government
  • State and municipal governments
  • Foreign national governments
  • Canadian federal and municipal governments
  • Insurance companies
  • Banks and trusts
  • Credit unions and savings and loans
  • Religious and charitable organizations 
RULE 137 NONPARTICIPANTS

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