The NAFTA, Preemption And Where In the World Are The Reservations?

Earlier, I wrote this post about the exemption from registration found in Section 3(a)(2) of the Securities Act for “any security issued or guaranteed by any bank”. For purposes of this statute, a “bank” generally means “any national bank, or any banking institution organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official.” Similarly, California Corporations Code Section 25100(c) exempts from qualification under the Corporate Securities Law of 1968 any security issued or guaranteed by and representing an interest in or a direct obligation of a national bank or a bank or trust company incorporated under the laws of California. Thus, both the federal and California exemptions are not available to banks of other countries. Further, California does not exempt banks chartered under the laws of other states.

Please see article below for more information.

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