Registration of securities —
Exempt securities.
Sections 8-6-4 through 8-6-9 shall not apply to any of the following securities:
- Any security, including a revenue obligation, issued or guaranteed by the
United States, any state, any political subdivision of a state, any agency,
corporate, or other instrumentality of one or more of the foregoing; or any
certificate of deposit for any of the foregoing.
- Any security issued or guaranteed by Canada, any Canadian province, any
political subdivision of any province, any agency, corporate, or other
instrumentality of one or more of the foregoing or any other foreign government
with which the United States currently maintains diplomatic relations if the
security is recognized as a valid obligation by the issuer or guarantor.
- Any security issued by and representing an interest in or a debt of, or
guaranteed by, any bank organized under the laws of the United States or any
bank, savings institution, or trust company organized and supervised under the
laws of this state.
- Any security issued by and representing an interest in, a debt of, or
guaranteed by any federal savings and loan association or any building and loan
or similar association organized under the laws of this state.
- Any security issued or guaranteed by any federal credit union or any
credit union, industrial loan association, or similar association organized and
supervised under the laws of this state.
- Any security issued or guaranteed by any railroad, other common carrier,
public utility, or holding company which is any of the following:
a. Subject to the jurisdiction of the Interstate Commerce Commission.
b. A registered holding company under the Public Utility Holding Company Act
of 1935 or a subsidiary of a company within the meaning of that act.
c. Regulated in respect to its rates and charges by a governmental authority
of the United States or any state.
d. Regulated in respect to the issuance or guarantee of the security by a
governmental authority of the United States, any state, Canada, or any Canadian
province.
- Any national market system security under Section 11A of the Securities
Exchange Act of 1934 (including any other security of the same issuer which is
of senior or substantially equal rank; any security called for by subscription
rights or warrants so designated or approved; and any warrant or right to
purchase or subscribe to any of the foregoing) which is so designated or
approved for designation upon notice of issuance on an interdealer quotation
system operated by a national securities association registered under Section
15A of the Securities Exchange Act of 1934, or any security (including any other
security of the same issuer which is of senior or substantially equal rank; any
security called for by subscription rights or warrants so designated or
approved; and any warrant or right to purchase or subscribe to any of the
foregoing) which is listed or approved for listing upon notice of issuance on a
national securities exchange registered under Section 6 of the Securities
Exchange Act of 1934, if the listing or designation criteria applicable to the
issuer of that security provide minimum corporate governance standards
substantially equivalent to those applicable to securities on the New York Stock
Exchange, the American Stock Exchange, or the National Association of Securities
Dealers National Market System as of January 1, 1991. The commission may by
order deny, revoke, or suspend the exemption of a specific issue of securities
or by rule any category of securities when necessitated by the public interest
and for the protection of investors.
- Any security issued by any person organized and operated not for private
profit but exclusively for religious, educational, benevolent, charitable,
fraternal, social, athletic, or reformatory purposes or as a chamber of
commerce, trade, or professional association, provided the issuer first files
with the commission a written notice specifying the terms of the offer and the
commission does not by order disallow the exemption within 15 days thereof.
- Any commercial paper which arises out of a current transaction or the
proceeds of which have been or are to be used for current transactions and which
evidences an obligation to pay cash within nine months of the date of issuance,
exclusive of days of grace, or any renewal of the paper which is likewise
limited or any guarantee of the paper or of any renewal.
- Any investment contract issued in connection with an employee's stock
purchase, savings, pension, profit-sharing, or similar benefit plan.
- A security issued by an issuer registered as an open-end management
investment company or unit investment trust under Section 8 of the Investment
Company Act of 1940 if:
a. The Securities Commission has received prior to the offer or sale of the
securities:
- A notice of intention to sell which has been executed by the issuer and
which sets forth the name and address of the issuer and the description of the
securities to be offered in this state; and
- A nonrefundable filing fee of three hundred fifty dollars ($350) for an
open-end management investment company with total net assets of $25,000,000 or
less; a nonrefundable filing fee of seven hundred dollars ($700) for an open-end
management investment company with total net assets of more than $25,000,000 but
less than $100,000,000; a nonrefundable filing fee of one thousand two hundred
dollars ($1,200) for an open-end management investment company with total net
assets equal to or greater than $100,000,000; or a nonrefundable filing fee of
$200 for a unit investment trust. Fees collected under this section shall be
deposited in the Alabama Securities Commission Fund in the State Treasury for
the use of the Alabama Securities Commission in the administration of this
article.
b. In the event any offer or sale of a security of an open-end management
investment company is to be made more than 12 months after the date notice under
paragraph (b) is received by the director, another notice and payment of the
applicable fee shall be required.
c. For the purpose of this subdivision an investment adviser is affiliated
with another investment adviser if it controls, is controlled by, or is under
common control with the other investment adviser.
(Acts 1959, No. 542, p. 1318, §10; Acts 1969, No. 605, p. 1093, §5; Acts
1990, No. 90-527, p. 772, §1; Acts 1991, No. 91-320, p. 584, §1; Acts 1992, No.
92-524, p. 1059, §1; Act 2009-774, §1.)
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