6.2. Exemptions from the Registration Process

The Securities Act excludes some types of securities from its registration requirements right off the bat. Issuers of these securities don’t have to worry about meeting the conditions of the more complicated exemptions described in the sections below. These exempt securities include:

• U.S. Treasuries

• Municipal securities

• Securities issued or guaranteed by a federal agency (CMOs and MBSs)

• Securities issued by a nonprofit (including church bonds)

• Commercial paper (debt securities that mature in under nine months)

• Banker’s acceptances (debt securities that mature in under nine months)

• Bank securities (not including bank holding comp