{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-1-201","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-1-201","heading":"Exempt securities","body":"The following securities are exempt from the requirements of\n\nSections 1-301 and 1-504 of this title:\n\n1. A security, including a revenue obligation or a separate\n\nsecurity as defined in Rule 131 (17 C.F.R. 230.131) adopted under\n\nthe Securities Act of 1933, issued, insured, or guaranteed by the\n\nUnited States; by a state; by a political subdivision of a state; by\n\na public authority, agency, or instrumentality of one or more\n\nstates; by a political subdivision of one or more states; or by a\n\nperson controlled or supervised by and acting as an instrumentality\n\nof the United States under authority granted by the Congress; or a\n\ncertificate of deposit for any of the foregoing; however,\n\nnotwithstanding the provisions of Section 106(c) of the Secondary\n\nMortgage Market Enhancement Act of 1984, Public Law 98-440, any\n\nsecurity that is a mortgage related security as that term is defined\n\nin Section 3(a)(41) of the Securities Exchange Act of 1934 shall not\n\nbe exempt from Sections 1-301 and 1-504 of this title by virtue of\n\nsuch Secondary Mortgage Market Enhancement Act but may be exempt\n\nbased upon the availability of the exemptions from registration\n\nprovided for in this section;\n\n2. A security issued, insured, or guaranteed by a foreign\n\ngovernment with which the United States maintains diplomatic\n\nrelations, or any of its political subdivisions, if the security is\n\nrecognized as a valid obligation by the issuer, insurer, or\n\nguarantor;\n\n3. A security issued by and representing or that will represent\n\nan interest in or a direct obligation of, or be guaranteed by:\n\na. an international banking institution,\n\nb. a banking institution organized under the laws of the\n\nUnited States; a member bank of the Federal Reserve\n\nSystem; or a depository institution a substantial\n\nportion of the business of which consists or will\n\nconsist of receiving deposits or share accounts that\n\nare insured to the maximum amount authorized by\n\nstatute by the Federal Deposit Insurance Corporation,\n\nthe National Credit Union Share Insurance Fund, or a\n\nsuccessor authorized by federal law or exercising\n\nfiduciary powers that are similar to those permitted\n\nfor national banks under the authority of the\n\nComptroller of the Currency,\n\nc. a trust company or other institution that is\n\nauthorized by federal or state law to exercise\n\nfiduciary powers of the type a national bank is\n\npermitted to exercise under the authority of the\n\nComptroller of the Currency and is supervised and\n\nexamined by an official or agency of a state or the\n\nUnited States, or\n\nd. any other depository institution, unless by rule or\n\norder issued by the Administrator pursuant to Section\n\n1-204 of this title;\n\n4. A security issued by and representing an interest in, or a\n\ndebt of, or insured or guaranteed by, an insurance company\n\nauthorized to transact insurance business in this state by the\n\nInsurance Commissioner;\n\n5. A security issued or guaranteed by a railroad, other common\n\ncarrier, public utility, or public utility holding company that is:\n\na. regulated in respect to its rates and charges by the\n\nUnited States or a state,\n\nb. regulated in respect to the issuance or guarantee of\n\nthe security by the United States, a state, Canada, or\n\na Canadian province or territory, or\n\nc. a public utility holding company registered under the\n\nPublic Utility Holding Company Act of 2005 or a\n\nsubsidiary of such a registered holding company within\n\nthe meaning of that act;\n\n6. A federal covered security specified in Section 18(b)(1) of\n\nthe Securities Act of 1933 (15 U.S.C. Section 77r(b)(1)) or by rule\n\nadopted under that provision or a security listed or approved for\n\nlisting on another securities market specified by rule under this\n\nact; a put or a call option contract, a warrant, or a subscription\n\nright on or with respect to such securities; or an option or similar\n\nderivative security on a security or an index of securities or\nSecurities Act of 1933 (15 U.S.C. Section 77r(b)(1)) or by rule\n\nadopted under that provision or a security listed or approved for\n\nlisting on another securities market specified by rule under this\n\nact; a put or a call option contract, a warrant, or a subscription\n\nright on or with respect to such securities; or an option or similar\n\nderivative security on a security or an index of securities or\n\nforeign currencies issued by a clearing agency registered under the\n\nSecurities Exchange Act of 1934 and listed or designated for trading\n\non a national securities exchange, a facility of a national\n\nsecurities exchange, or a facility of a national securities\n\nassociation registered under the Securities Exchange Act of 1934 or\n\nthe underlying security in connection with the offer, sale, or\n\nexercise of an option or other derivative security that was exempt\n\nwhen the option or other derivative security was written or issued;\n\nor an option or other derivative security designated by the\n\nSecurities and Exchange Commission under Section 9(b) of the\n\nSecurities Exchange Act of 1934 (15 U.S.C. Section 78i(b));\n\n7. A security issued by a person organized and operated\n\nexclusively for religious, educational, benevolent, fraternal,\n\ncharitable, social, athletic, or reformatory purposes, or as a\n\nchamber of commerce, and not for pecuniary profit, no part of the\n\nnet earnings of which inures to the benefit of a private stockholder\n\nor other person, or a security of a company that is excluded from\n\nthe definition of an investment company under Section 3(c)(10)(B) of\n\nthe Investment Company Act of 1940 (15 U.S.C. Section 80a-\n\n3(c)(10)(B)); except that with respect to the offer or sale of a\n\nnote, bond, debenture, or other evidence of indebtedness issued by\n\nsuch a person, a rule may be adopted under this act limiting the\n\navailability of this exemption by classifying securities, persons,\n\nand transactions, imposing different requirements for different\n\nclasses, specifying with respect to subparagraph b of this paragraph\n\nthe scope of the exemption, and the grounds for denial or\n\nsuspension, and requiring an issuer:\n\na. to file a notice specifying the material terms of the\n\nproposed offer or sale and copies of any proposed\n\nsales and advertising literature to be used and\n\nproviding that the exemption becomes effective if the\n\nAdministrator does not disallow the exemption within\n\nthe period established by the rule,\n\nb. to file a request for exemption authorization for\n\nwhich a rule under this title may specify the scope of\n\nthe exemption, the requirement of an offering\n\nstatement, the filing of sales and advertising\n\nliterature, the filing of consent to service of\n\nprocess in compliance with Section 1-611 of this\n\ntitle, and grounds for denial or suspension of the\n\nexemption, or\n\nc. to register under Section 1-304 of this title;\n\n8. A member's or owner's interest in, or a retention\n\ncertificate or like security given in lieu of a cash patronage\n\ndividend issued by, a cooperative organized and operated as a not\n\nfor profit membership cooperative under the cooperative laws of a\n\nstate, but not a member's or owner's interest, retention\n\ncertificate, or like security sold to persons other than bona fide\n\nmembers of the cooperative; and\n\n9. An equipment trust certificate with respect to equipment\n\nleased or conditionally sold to a person, if any security issued by\n\nthe person would be exempt under this section or would be a federal\n\ncovered security under Section 18(b)(1) of the Securities Act of\n\n1933 (15 U.S.C. Section 77r(b)(1)).","path":["OK Code","Title 71"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os71.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"cf116d258cdd12d3b98d2db0fc4c4a9aa81e2f937e85d13e0d8f146d4b74e23f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-1-105","next":"us-ok/okla.-stat.-tit.-71-71-1-202"},"notice":"GroundRules: Original legal text. Not legal advice."}