(1) The following securities are exempted from Sections 61-1-7 and 61-1-15:
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(d) a security issued or guaranteed by a public utility or a security regulated in respect of its rates or in its issuance by a governmental authority of the United States, a state, Canada, or a Canadian province;
Division Interpretive Commentary:
Public utility companies are highly regulated by both state and federal regulators. Accordingly, there is no need for coverage under the securities laws. In addition to public utilities, this exemption covers any security where the issuer is regulated in respect of its rates by the government.