The following securities are exempt from the provisions of Section 25130:
(a) Any security issued by a person that is the issuer of any security listed on a national securities exchange, if the exchange is certified by rule or order of the commissioner.
(b) The exemption provided by subdivision (a) does not apply to securities offered pursuant to a registration under the Securities Act of 1933 or pursuant to the exemption afforded by Regulation A under that act if the aggregate offering price of the securities offered pursuant to that exemption exceeds fifty thousand dollars ($50,000).
(Amended by Stats. 2009, Ch. 131, Sec. 10. (AB 991) Effective January 1, 2010.)
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