PURPOSE: This rule prescribes policies applicable to the exemption of securities of railroads, other common carriers, public utilities and holding companies.

1. (1) A common carrier, for the purposes of section 409.402(a)(7) of the Missouri Uniform Securities Act (the Act), shall be construed to include a contract carrier (section 3(a)(6), Securities Act of 1933; Section 214, Interstate Commerce Act, as amended).
2. (2) Any individual who represents an issuer of a security exempted by section 409.402(a)(7) of the Act in effecting transactions listed in that section, other than—transactions exempted by section 409.402(b) of the Act; transactions with existing employees, partners or directors of the issuer with no commission or other remuneration being paid or given directly or indirectly for soliciting any person in Missouri; or transactions in securities subject to section 20a, Interstate Commerce Act, is an agent (section 409.401(b) of the Act) and is required to be registered as an agent (section 409.201(a), RSMo).

AUTHORITY: sections 409.402(a)(7) and 409.413(a), RSMo 1986.* Original rule filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed March 21, 1974, effective April 1, 1974. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. *Original authority: 409.402(a)(7), RSMo 1967, amended 1977, 1978, 1986 and 409.413(a), RSMo 1967.