17-12a201.Exempt securities.
The following securities are exempt from the
requirements of
K.S.A. 17-12a301 through 17-12a306 and 17-12a504,
and amendments thereto:
(1) A security, including a revenue obligation or a separate
security as defined in Rule 131 (17 C.F.R. 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 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;
(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 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 public law 87-722
(12 U.S.C. section 92a); or
(C) any other depository institution, unless by rule or order the
administrator proceeds under
K.S.A.
17-12a204, and amendments
thereto;
(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 this state;
(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) a federal covered security specified in section
18(b)(1) of the securities act of 1933 (15 U.S.C. section
77r(b)(1)) or by rule adopted under that provision;
(B) a security listed or approved for listing on another
securities market specified by rule under this act;
(C) a put or a call option contract; a warrant; or a
subscription right on or with respect to securities described in
subsections (A) or (B);
(D) 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;
(E) 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
(F) 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. section 78i(b));
(7) a security issued by a person organized and operated
exclusively for religious, educational, benevolent, fraternal,
charitable, social, athletic, or reformatory purposes, or as a
chamber of commerce, and not for pecuniary profit, no part of the
net earnings of which inures to the benefit of a private
stockholder or other person, or a security of a company that is
excluded from the definition of an investment company under Section
3(c)(10)(B) of the investment company act of 1940 (15 U.S.C.
section 80a-3(c)(10)(B)). With respect to the offer or sale of a
note, bond, debenture, or other evidence of indebtedness issued by
such a person, a rule may be adopted under this act limiting the
availability of this exemption by classifying securities, persons,
and transactions, imposing different requirements for different classes,
specifying with respect to paragraph (B) the scope of the
exemption and the grounds for denial or suspension, and requiring
an issuer:
(A) To file a notice specifying the material terms of the
proposed offer or sale and copies of any proposed sales and
advertising literature to be used and provide that the exemption
becomes effective if the administrator does not disallow the
exemption within the period established by the rule;
(B) to file a request for exemption authorization for which a
rule under this act may specify the scope of the exemption, the
requirement of an offering statement, the filing of sales and
advertising literature, the filing of consent to service of process
complying with
K.S.A. 17-12a611, and grounds for denial or
suspension of
the exemption; or
(C) to register under K.S.A. 17-12a304;
(8) any stock or other security evidencing membership
or ownership in, evidencing the right to patronize, issued in lieu of a cash
patronage dividend by, or representing a debt of a cooperative organized under
K.S.A. 17-1601 et seq., and amendments thereto, but the administrator, by rule
or order, may require the filing of a notice and place conditions upon the
exemption for sales of securities to persons who are not members within the
meaning of K.S.A. 17-1606, and amendments thereto; and
(9) 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. section 77r(b)(1)).
17-12a201.Exempt securities.
The following securities are exempt from the
requirements of
K.S.A. 17-12a301 through 17-12a306 and 17-12a504,
and amendments thereto:
(1) A security, including a revenue obligation or a separate
security as defined in Rule 131 (17 C.F.R. 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 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;
(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 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 public law 87-722
(12 U.S.C. section 92a); or
(C) any other depository institution, unless by rule or order the
administrator proceeds under
K.S.A.
17-12a204, and amendments
thereto;
(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 this state;
(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) a federal covered security specified in section
18(b)(1) of the securities act of 1933 (15 U.S.C. section
77r(b)(1)) or by rule adopted under that provision;
(B) a security listed or approved for listing on another
securities market specified by rule under this act;
(C) a put or a call option contract; a warrant; or a
subscription right on or with respect to securities described in
subsections (A) or (B);
(D) 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;
(E) 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
(F) 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. section 78i(b));
(7) a security issued by a person organized and operated
exclusively for religious, educational, benevolent, fraternal,
charitable, social, athletic, or reformatory purposes, or as a
chamber of commerce, and not for pecuniary profit, no part of the
net earnings of which inures to the benefit of a private
stockholder or other person, or a security of a company that is
excluded from the definition of an investment company under Section
3(c)(10)(B) of the investment company act of 1940 (15 U.S.C.
section 80a-3(c)(10)(B)). With respect to the offer or sale of a
note, bond, debenture, or other evidence of indebtedness issued by
such a person, a rule may be adopted under this act limiting the
availability of this exemption by classifying securities, persons,
and transactions, imposing different requirements for different classes,
specifying with respect to paragraph (B) the scope of the
exemption and the grounds for denial or suspension, and requiring
an issuer:
(A) To file a notice specifying the material terms of the
proposed offer or sale and copies of any proposed sales and
advertising literature to be used and provide that the exemption
becomes effective if the administrator does not disallow the
exemption within the period established by the rule;
(B) to file a request for exemption authorization for which a
rule under this act may specify the scope of the exemption, the
requirement of an offering statement, the filing of sales and
advertising literature, the filing of consent to service of process
complying with
K.S.A. 17-12a611, and grounds for denial or
suspension of
the exemption; or
(C) to register under K.S.A. 17-12a304;
(8) any stock or other security evidencing membership
or ownership in, evidencing the right to patronize, issued in lieu of a cash
patronage dividend by, or representing a debt of a cooperative organized under
K.S.A. 17-1601 et seq., and amendments thereto, but the administrator, by rule
or order, may require the filing of a notice and place conditions upon the
exemption for sales of securities to persons who are not members within the
meaning of K.S.A. 17-1606, and amendments thereto; and
(9) 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. section 77r(b)(1)).
17-12a201.Exempt securities.
The following securities are exempt from the
requirements of
K.S.A. 17-12a301 through 17-12a306 and 17-12a504,
and amendments thereto:
(1) A security, including a revenue obligation or a separate
security as defined in Rule 131 (17 C.F.R. 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 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;
(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 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 public law 87-722
(12 U.S.C. section 92a); or
(C) any other depository institution, unless by rule or order the
administrator proceeds under
K.S.A.
17-12a204, and amendments
thereto;
(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 this state;
(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) a federal covered security specified in section
18(b)(1) of the securities act of 1933 (15 U.S.C. section
77r(b)(1)) or by rule adopted under that provision;
(B) a security listed or approved for listing on another
securities market specified by rule under this act;
(C) a put or a call option contract; a warrant; or a
subscription right on or with respect to securities described in
subsections (A) or (B);
(D) 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;
(E) 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
(F) 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. section 78i(b));
(7) a security issued by a person organized and operated
exclusively for religious, educational, benevolent, fraternal,
charitable, social, athletic, or reformatory purposes, or as a
chamber of commerce, and not for pecuniary profit, no part of the
net earnings of which inures to the benefit of a private
stockholder or other person, or a security of a company that is
excluded from the definition of an investment company under Section
3(c)(10)(B) of the investment company act of 1940 (15 U.S.C.
section 80a-3(c)(10)(B)). With respect to the offer or sale of a
note, bond, debenture, or other evidence of indebtedness issued by
such a person, a rule may be adopted under this act limiting the
availability of this exemption by classifying securities, persons,
and transactions, imposing different requirements for different classes,
specifying with respect to paragraph (B) the scope of the
exemption and the grounds for denial or suspension, and requiring
an issuer:
(A) To file a notice specifying the material terms of the
proposed offer or sale and copies of any proposed sales and
advertising literature to be used and provide that the exemption
becomes effective if the administrator does not disallow the
exemption within the period established by the rule;
(B) to file a request for exemption authorization for which a
rule under this act may specify the scope of the exemption, the
requirement of an offering statement, the filing of sales and
advertising literature, the filing of consent to service of process
complying with
K.S.A. 17-12a611, and grounds for denial or
suspension of
the exemption; or
(C) to register under K.S.A. 17-12a304;
(8) any stock or other security evidencing membership
or ownership in, evidencing the right to patronize, issued in lieu of a cash
patronage dividend by, or representing a debt of a cooperative organized under
K.S.A. 17-1601 et seq., and amendments thereto, but the administrator, by rule
or order, may require the filing of a notice and place conditions upon the
exemption for sales of securities to persons who are not members within the
meaning of K.S.A. 17-1606, and amendments thereto; and
(9) 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. section 77r(b)(1)).