Virginia HB 1457: Securities Act; exemption for certain nonissuer distributions.

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2020 SESSION

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CHAPTER 256 

An Act to amend and reenact � 13.1-514 of the Code of 
Virginia, relating to the Securities Act; exemption for certain nonissuer 
distributions. 

[H 1457] 

Approved March 10, 2020 

Be it enacted by the General Assembly of Virginia:

1. That � 13.1-514 of the Code of Virginia is amended and 
reenacted as follows:

� 13.1-514. Exemptions.

A. The following securities are exempted from the securities 
registration requirements of this chapter:

1. Any security (including a revenue obligation) issued or 
guaranteed by the United States, any state, any political subdivision of a 
state or any agency or corporate or other instrumentality of one or more of the 
foregoing; or any certificate of deposit for any of the foregoing;

2. Any security issued or guaranteed by Canada, any Canadian 
province, any political subdivision of any such province, any agency or 
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 such issuer 
or guarantor;

3. Any security issued by and representing an interest in or a 
debt of, or guaranteed by, the International Bank for Reconstruction and 
Development, or any national bank, or any bank or trust company organized under 
the laws of any state or trust subsidiary organized under the provisions of 
Article 3 (� 6.2-1047 et seq.) of Chapter 10 of Title 6.2;

4. Any security issued by and representing an interest in or a 
debt of, or guaranteed by, any federal savings and loan association or savings 
bank, or by any savings and loan association or savings bank which is organized 
under the laws of this Commonwealth;

5. Any security issued or guaranteed by an insurance company 
licensed to transact insurance business in this Commonwealth;

6. Any security issued by any credit union, industrial loan 
association or consumer finance company which is organized under the laws of 
this Commonwealth and is supervised and examined by the Commission;

7. Any security issued or guaranteed by any railroad, other 
common carrier or public service company supervised as to its rates and the 
issuance of its securities by a governmental authority of the United States, 
any state, Canada or any Canadian province;

8. Any security which is listed or approved for listing upon 
notice of issuance on the New York Stock Exchange or the American Stock 
Exchange or any other security of the same issuer which is of senior or 
substantially equal rank; any security called for by subscription rights or 
warrants admitted to trading in any of said exchanges; or any warrant or right 
to subscribe to any of the foregoing securities;

9. Any commercial paper which arises out of a current 
transaction or the proceeds of which have been or are to be used for curren