§ 23-19-2-1 — Exempt securities

The following securities are exempt from the
requirements of IC 23-19-3-1 through IC 23-19-3-6 and IC 23-19-5-4:
(1) A security, including a revenue obligation or a separate
security as defined in Rule 131 (17 CFR 230.131) adopted under
the 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 (1) or more
states; by a political subdivision of one (1) or more states; or by
a person controlled or supervised by and acting as an
instrumentality of the United States under authority granted by
Congress; or a certificate of deposit for any of the foregoing.
(2) 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.
(3) A security issued by and representing or that will represent an
interest in or a direct obligation of, or be guaranteed by:
(A) an international banking institution;
(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 part 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 under Section 1 of Public Law 87-722
(12 U.S.C. 92a); or
(C) any other depository institution, unless by rule or order the
commissioner proceeds under section 4 of this chapter.
(4) A security issued by and representing an interest in or a debt
of, or insured or guaranteed by, an insurance company authorized
to do business in Indiana.
(5) A security issued or guaranteed by a railroad, other common
carrier, public utility, or public utility holding company that is:
(A) regulated in respect to its rates and charges by the United
States or a state;
(B) regulated in respect to the issuance or guarantee of the
security by the United States, a state, Canada, or a Canadian
province or territory; or
(C) a public utility holding company registered under the Public
Utility Holding Company Act of 1935 or a subsidiary of such
a registered holding company within the meaning of that act.
(6) A federal covered security specified in Section 18(b)(1) of the
Securities Act of 1933 (15 U.S.C. 77r(b)(1)) or by rule adopted
under that provision or a security listed or approved for listing on
another securities market specified by rule under this article; a put
or a call option contract; a warrant; a subscription right on or with
respect to such securities; an option or similar derivative security
on a security or an index of securities or foreign currencies issued
by a clearing agency registered under the Securities Exchange Act
of 1934 and listed or designated for trading on a national
securities exchange, a facility of a national securities exchange,
or a facility of a national securities association registered under
the Securities Exchange Act of 1934 or an offer or sale, of the
underlying security in connection with the offer, sale, or exercise
of an option or other security that was exempt when the option or
other security was written or issued; or an option or a derivative
security designated by the Securities and Exchange Commission
under Section 9(b) of the Securities Exchange Act of 1934 (15
U.S.C. 78i(b)).
(7) A member's or owner's interest in, or a retention certificate or
like security given in lieu of a cash patronage dividend issued by,
a cooperative organized and operated as a nonprofit membership
cooperative under the cooperative laws of a state, but not a
member's or owner's interest, retention certificate, or like security
sold to persons other than bona fide members of the cooperative.
(8) An equipment trust certificate with respect to equipment
leased or conditionally sold to a person, if any security issued by
the person would be exempt under this section or would be a
federal covered security under Section 18(b)(1) of the Securities
Act of 1933 (15 U.S.C. 77r(b)(1)).
(9) A security issued by a nonprofit corporation as defined by
Section 501(c)(3) of the Internal Revenue Code that is designated
by the governor as the secondary market for guaranteed student
loans under IC 20-12-21.2.

Legislative History

As added by P.L.27-2007, SEC.23.