SA Section 3(a)(2) Exemption for Govs, Munis, Banks, Etc.


SA Section 3(a)(2) exempts from registration any securities, among other securities, those securities issued or guaranteed by the United States or by any State, or by any political subdivision or by any public instrumentality of one or more States; or any security issued or guaranteed by any bank; or any interest or participation in any common trust fund excluded from the definition of the term “investment company” under ICA section 3(c)(3); or certain industrial development bonds; or any interest trust fund maintained by a bank.

See also these related topic pages: Government Securities and Dealers; Municipal Securities Materials; MSRB Rules: Rule by Rule; Exemptions for Bank-Funds under ICA Section 3(c)(3).



Securities Act and Rules

  • SA Section 3 (Classes of securities under this subchapter)
  • SA Section 3(a)(2) (Exemption from registration for securities issued by U.S. government and municipal entities, U.S. banks, certain fund exempt from registration under the ICA, etc)
  • SA Rule 131 (Definition of security issued under governmental obligations)
  • SA Rule 132 (Definition of "common trust fund)
  • SA Rule 180 (Exemption for interests and partiipatoins issued in connection with certain H.R. 10 plans)



Regulatory Assistance