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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. |
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| | 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. |
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| | 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. |
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| | 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. |
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| | 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. |
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| | 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). |
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| | 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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