12 CFR 16.5 – Exemptions
The registration statement and prospectus requirements of § 16.3 do not apply to an offer or sale of national bank or Federal savings association securities:
Terms Used In 12 CFR 16.5
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(a) If the securities are exempt from registration under section 3 of the Securities Act (15 U.S.C. § 77c), but only by reason of an exemption other than section 3(a)(2) (exemption for bank securities), section 3(a)(5) (exemption for savings association securities), section 3(a)(11) (exemption for intrastate offerings), and section 3(a)(12) (exemption for bank holding company formation) of the Securities Act.
(b) In a transaction exempt from registration under section 4 of the Securities Act (15 U.S.C. § 77d). SEC Rules 152 and 152a (17 CFR 230.152 and 230.152a) (which apply to sections 4(a)(2) and 4(a)(1) of the Securities Act) apply to this part;
(c) In a transaction that satisfies the requirements of § 16.7 of this part;
(d) In a transaction that satisfies the requirements of § 16.8 of this part;
(e) In a transaction that satisfies the requirements of SEC Rule 144, 144A, or 236 (17 CFR 230.144, 230.144A, or 230.236);
(f) In a transaction that satisfies the requirements of SEC Rule 701 (17 CFR 230.701);
(g) In a transaction that is an offer or sale occurring outside the United States under SEC Regulation S (17 CFR part 230, Regulation S—Rules Governing Offers and Sales Made Outside the United States Without Registration Under the Securities Act of 1933); or
(h) In a transaction that satisfies the requirements of § 16.9 of this part.