LD 509
pg. 46
Page 45 of 183 An Act To Adopt the Maine Uniform Securities Act Page 47 of 183
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LR 441
Item 1

 
the issuer first files a notice in a record specifying the terms of
the proposed offer or sale and a copy of the offering statement and
the administrator does not disallow the exemption within the time
period established by the rule.

 
2. Section 201(2): Foreign government securities: Prior
Provisions: 1956 Act Section 402(a)(2); RUSA Section 401(b)(2).
The 1956 Act, as amended, and RUSA both reached foreign
governments as specified in Section 201(2) and separately treated
"a security issued, insured, or guaranteed by Canada, a Canadian
province or territory, a political subdivision of Canada or a
Canadian province or territory, an agency or corporate or other
instrumentality of one or more of the foregoing." The separate
treatment of Canadian securities is largely redundant and has
been eliminated from this Section.

 
3. Section 201(3): Depository institution and international
banking institution securities: Prior Provision: RUSA 401(b)(3).
Section 402(a)(3) of the 1956 Act exempts specified bank and
similar depository institutions; Section 402(a)(4) exempts
specified savings and loan and similar thrift institution
securities; and Section 402(a)(6) exempts specified credit union
securities. RUSA Section 401(b)(3) combines the three types of
depository institutions into a common definition (see RUSA
Section 101(13)) which are adopted in this Act as Sections 102(3)
and 102(5)) and a common exemption (see RUSA Section 401(b)(3))
which is adopted in this subsection.

 
Banks specified in Section 3(a)(2) of the Securities Act of
1933 issue federal covered securities under Section 18(b)(4)(C)
of the Securities Act of 1933. Section 201(3)(C) applies to
securities issued by depository institutions without depository
insurance. Under Section 204, the administrator will have the
ability to revoke or limit this exemption.

 
4. Section 201(4): Insurance company securities: Prior
Provisions: 1956 Act Section 402(a)(5); RUSA Section 401(b)(4).
The issuance, insurance, or guarantee of securities by an
insurance company is extensively regulated by state insurance
commissions or other state agencies.

 
Under this Act insurance, endowment policies, or annuity
contracts under which an insurance company promises to pay fixed
sums are excluded from the definition of a security in Section
102(28)(B).

 
Unless brackets are removed from the words "or variable" in
Section 102(28)(B), a variable annuity or other variable
insurance product would be considered a security under this Act
and under federal securities law. See SEC v. Variable Annuity


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