Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 7 - STATE SECURITIES BOARD
Chapter 139 - EXEMPTIONS BY RULE OR ORDER
Section 139.15 - Credit Enhancements
Universal Citation: 7 TX Admin Code ยง 139.15
Current through Reg. 49, No. 12; March 22, 2024
(a) Any "qualified credit enhancement" need not be registered as a separate security when no additional consideration is required to receive the enhancement and the enhancement is offered and sold in conjunction with, and is not tradeable separately from, securities that are:
(1) registered pursuant to the Securities
Act, §7;
(2) exempt under the
Securities Act, §6; or
(3)
included within a transaction exempt under the Securities Act,
§5.
(b) For purposes of this section, the term "qualified credit enhancement" means:
(1) a letter of credit issued by a domestic
branch or agency of a foreign bank if the nature and extent of the regulation
and supervision of the particular branch or agency is substantially equivalent
to that applicable to federal or state chartered domestic banks doing business
in the same domestic jurisdiction; or
(2) a municipal bond insurance policy or
guarantee issued by an insurance company licensed or supervised by the Texas
Department of Insurance.
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