Issuers that are exempt from federal registration include the U.S. government, U.S. municipalities or territories, nonprofit religious, educational and charitable organizations, and public utilities and common carriers whose activities are regulated by a state or federal regulator. Privately-held companies are required to register their security issues with the SEC.

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The following issuer(s) are exempt from federal registration under the Securities Act of 1933:

The U.S. government and U.S. municipalities and territories

The U.S. government, U.S. municipalities and territories and Public utilities whose rates are regulated by a state or federal regulatory body

The U.S. government, Privately-held companies and Public utilities whose rates are regulated by a state or federal regulatory body

U.S. municipalities and territories, Privately-held companies and Public utilities whose rates are regulated by a state or federal regulatory body