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registration is required. Cf. Prelim. Note 6 to Regulation D | adopted under the Securities Act of 1933. |
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| §16201. Exempt securities |
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| | The following securities are exempt from the requirements of | sections 16301 to 16306 and section 16504: |
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| | 1.__United States Government, state and municipal securities.__ | A security, including a revenue obligation or a separate security | as defined in 17 Code of Federal Regulations, 230.131 adopted | under the federal Securities Act of 1933, issued, insured or | guaranteed by the United States; by a state; by a political | subdivision of a state; by a public authority, agency or | instrumentality of one or more states; by a political subdivision | of one or more states; or by a person controlled or supervised by | and acting as an instrumentality of the United States under | authority granted by the Congress; or a certificate of deposit | for any of the foregoing; |
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| | 2.__Foreign government securities.__A security issued, insured | or guaranteed by a foreign government with which the United | States maintains diplomatic relations, or any of its political | subdivisions, if the security is recognized as a valid obligation | by the issuer, insurer or guarantor; |
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| | 3.__Depository institution and international banking | institution securities.__A security issued by and representing or | that will represent an interest in or a direct obligation of or | be guaranteed by: |
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| A.__An international banking institution; |
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| B.__A banking institution organized under the laws of the | United States; a member bank of the Federal Reserve System; | or a depository institution, a substantial portion of the | business of which consists or will consist of receiving | deposits or share accounts that are insured to the maximum | amount authorized by statute by the Federal Deposit | Insurance Corporation, the National Credit Union Share | Insurance Fund or a successor authorized by federal law or | exercising fiduciary powers that are similar to those | permitted for national banks under the authority of the | Comptroller of Currency pursuant to Section 1 of United | States Public Law 87-722, 12 United States Code, Section 92a | or a holding company of such a depository institution; or |
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| C.__Any other depository institution, unless by rule or | order the administrator proceeds under section 16204; |
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