Okla. Stat. tit. 71, § 71-1-201

The following securities are exempt from the requirements of

Sections 1-301 and 1-504 of this title:

1. A security, including a revenue obligation or a separate

security as defined in Rule 131 (17 C.F.R. 230.131) adopted under

the Securities Act of 1933, issued, insured, or guaranteed by the

United States; by a state; by a political subdivision of a state; by

a public authority, agency, or instrumentality of one or more

states; by a political subdivision of one or more states; or by a

person controlled or supervised by and acting as an instrumentality

of the United States under authority granted by the Congress; or a

certificate of deposit for any of the foregoing; however,

notwithstanding the provisions of Section 106(c) of the Secondary

Mortgage Market Enhancement Act of 1984, Public Law 98-440, any

security that is a mortgage related security as that term is defined

in Section 3(a)(41) of the Securities Exchange Act of 1934 shall not

be exempt from Sections 1-301 and 1-504 of this title by virtue of

such Secondary Mortgage Market Enhancement Act but may be exempt

based upon the availability of the exemptions from registration

provided for in this section;

2. A security issued, insured, or guaranteed by a foreign

government with which the United States maintains diplomatic

relations, or any of its political subdivisions, if the security is

recognized as a valid obligation by the issuer, insurer, or

guarantor;

3. A security issued by and representing or that will represent

an interest in or a direct obligation of, or be guaranteed by:

a. an international banking institution,

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b. a banking institution organized under the laws of the

United States; a member bank of the Federal Reserve

System; or a depository institution a substantial

portion of the business of which consists or will

consist of receiving deposits or share accounts that

are insured to the maximum amount authorized by

statute by the Federal Deposit Insurance Corporation,

the National Credit Union Share Insurance Fund, or a

successor authorized by federal law or exercising

fiduciary powers that are similar to those permitted

for national banks under the authority of the

Comptroller of the Currency,

c. a trust company or other institution that is

authorized by federal or state law to exercise

fiduciary powers of the type a national bank is

permitted to exercise under the authority of the

Comptroller of the Currency and is supervised and

examined by an official or agency of a state or the

United States, or

d. any other depository institution, unless by rule or

order issued by the Administrator pursuant to Section

1-204 of this title;

4. A security issued by and representing an interest in, or a

debt of, or insured or guaranteed by, an insurance company

authorized to transact insurance business in this state by the

Insurance Commissioner;

5. A security issued or guaranteed by a railroad, other common

carrier, public utility, or public utility holding company that is:

a. regulated in respect to its rates and charges by the

United States or a state,

b. regulated in respect to the issuance or guarantee of

the security by the United States, a state, Canada, or

a Canadian province or territory, or

c. a public utility holding company registered under the

Public Utility Holding Company Act of 2005 or a

subsidiary of such a registered holding company within

the meaning of that act;

6. A federal covered security specified in Section 18(b)(1) of

the Securities Act of 1933 (15 U.S.C. Section 77r(b)(1)) or by rule

adopted under that provision or a security listed or approved for

listing on another securities market specified by rule under this

act; a put or a call option contract, a warrant, or a subscription

right on or with respect to such securities; or an option or similar

derivative security on a security or an index of securities or
Securities Act of 1933 (15 U.S.C. Section 77r(b)(1)) or by rule

adopted under that provision or a security listed or approved for

listing on another securities market specified by rule under this

act; a put or a call option contract, a warrant, or a subscription

right on or with respect to such securities; or an option or similar

derivative security on a security or an index of securities or

foreign currencies issued by a clearing agency registered under the

Securities Exchange Act of 1934 and listed or designated for trading

on a national securities exchange, a facility of a national

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securities exchange, or a facility of a national securities

association registered under the Securities Exchange Act of 1934 or

the underlying security in connection with the offer, sale, or

exercise of an option or other derivative security that was exempt

when the option or other derivative security was written or issued;

or an option or other derivative security designated by the

Securities and Exchange Commission under Section 9(b) of the

Securities Exchange Act of 1934 (15 U.S.C. Section 78i(b));

7. A security issued by a person organized and operated

exclusively for religious, educational, benevolent, fraternal,

charitable, social, athletic, or reformatory purposes, or as a

chamber of commerce, and not for pecuniary profit, no part of the

net earnings of which inures to the benefit of a private stockholder

or other person, or a security of a company that is excluded from

the definition of an investment company under Section 3(c)(10)(B) of

the Investment Company Act of 1940 (15 U.S.C. Section 80a-

3(c)(10)(B)); except that with respect to the offer or sale of a

note, bond, debenture, or other evidence of indebtedness issued by

such a person, a rule may be adopted under this act limiting the

availability of this exemption by classifying securities, persons,

and transactions, imposing different requirements for different

classes, specifying with respect to subparagraph b of this paragraph

the scope of the exemption, and the grounds for denial or

suspension, and requiring an issuer:

a. to file a notice specifying the material terms of the

proposed offer or sale and copies of any proposed

sales and advertising literature to be used and

providing that the exemption becomes effective if the

Administrator does not disallow the exemption within

the period established by the rule,

b. to file a request for exemption authorization for

which a rule under this title may specify the scope of

the exemption, the requirement of an offering

statement, the filing of sales and advertising

literature, the filing of consent to service of

process in compliance with Section 1-611 of this

title, and grounds for denial or suspension of the

exemption, or

c. to register under Section 1-304 of this title;

8. A member's or owner's interest in, or a retention

certificate or like security given in lieu of a cash patronage

dividend issued by, a cooperative organized and operated as a not

for profit membership cooperative under the cooperative laws of a

state, but not a member's or owner's interest, retention

certificate, or like security sold to persons other than bona fide

members of the cooperative; and

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9. An equipment trust certificate with respect to equipment

leased or conditionally sold to a person, if any security issued by

the person would be exempt under this section or would be a federal

covered security under Section 18(b)(1) of the Securities Act of

1933 (15 U.S.C. Section 77r(b)(1)).