1. 1. With respect to an equity security, the security meets the marginability requirements of regulation T adopted by the Board of Governors of the Federal Reserve System ("the Board") or is an American Depository Receipt representing such a security; and
2. 2. With respect to a debt security, the security meets the marginability requirements of regulation T adopted by the Board.

In accordance with § 13.1-514 A 13 of the Act, any equity or debt security issued by an issuer organized under the laws of any foreign country is exempted from the securities registration requirements of the Act provided the following criteria are met:

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.

Historical Notes

Derived from Rule 505, Case No. 900034, eff. July 1, 1990; amended to renumber by Case No. SEC910057, eff. July 1, 1991; amended by Case No. SEC920008, eff. October 15, 1992; Virginia Register Volume 15, Issue 22, eff. July 1, 1999.