((a)) ** Specific securities exempted** The provisions of this subchapter shall not apply to any of the following securities:
((1)) any security other than (A) a note, bond, debenture, or evidence of indebtedness, whether or not secured, or (B) a certificate of interest or participation in any such note, bond, debenture, or evidence of indebtedness, or (C) a temporary certificate for, or guarantee of, any such note, bond, debenture, evidence of indebtedness, or certificate;
((2)) any certificate of interest or participation in two or more securities having substantially different rights and privileges, or a temporary certificate for any such certificate;
((3)) Repealed. , , .
((4))
((A)) any security exempted from the provisions of the Securities Act of 1933 [ et seq.] by paragraphs (2) to (8), (11), or (13) of section 3(a) thereof [];
((B)) any security exempted from the provisions of the Securities Act of 1933, as amended [ et seq.], by paragraph (2) of subsection 3(a) thereof, as amended by section 401 of the Employment Security Amendments of 1970 [];
((5)) any security issued under a mortgage indenture as to which a contract of insurance under the National Housing Act [ et seq.] is in effect; and any such security shall be deemed to be exempt from the provisions of the Securities Act of 1933 [ et seq.] to the same extent as though such security were specifically enumerated in section 3(a)(2) of such Act [15 U.S.C. § 77c(a)(2)];
((6)) any note, bond, debenture, or evidence of indebtedness issued or guaranteed by a foreign government or by a subdivision, department, municipality, agency, or instrumentality thereof;
((7)) any guarantee of any security which is exempted by this subsection;
((8)) any security which has been or is to be issued otherwise than under an indenture, but this exemption shall not be applied within a period of twelve consecutive months to an aggregate principal amount of securities of the same issuer greater than the figure stated in section 3(b) of the Securities Act of 1933 [] limiting exemptions thereunder, or such lesser amount as the Commission may establish by its rules and regulations;
((9)) any security which has been or is to be issued under an indenture which limits the aggregate principal amount of securities at any time outstanding thereunder to $10,000,000, or such lesser amount as the Commission may establish by its rules and regulations, but this exemption shall not be applied within a period of thirty-six consecutive months to more than $10,000,000 aggregate principal amount of securities of the same issuer, or such lesser amount as the Commission may establish by its rules and regulations; or
((10)) any security issued under a mortgage or trust deed indenture as to which a contract of insurance under title XI of the National Housing Act [ et seq.] is in effect; and any such security shall be deemed to be exempt from the provisions of the Securities Act of 1933 [ et seq.] to the same extent as though such security were specifically enumerated in section 3(a)(2), as amended, of the Securities Act of 1933 [].
((b)) ** Application of sections 77eee and 77fff** The provisions of sections 77eee and 77fff of this title shall not apply (1) to any of the transactions exempted from the provisions of section 5 of the Securities Act of 1933 [] by section 4 thereof [] or (2) to any transaction which would be so exempted but for the last sentence of paragraph (11) of section 2(a) of such Act [].15 U.S.C. 77e15 U.S.C. 77d15 U.S.C. 77b(a)
((c)) ** Securities issued or proposed to be issued under indenture** The Commission shall, on application by the issuer and after opportunity for hearing thereon, by order exempt from any one or more provisions of this subchapter any security issued or proposed to be issued under any indenture under which, at the time such application is filed, securities referred to in paragraph (3) of subsection (a) of this section are outstanding or on , such securities were outstanding, if and to the extent that the Commission finds that compliance with such provision or provisions, through the execution of a supplemental indenture or otherwise—
((1)) would require, by reason of the provisions of such indenture, or the provisions of any other indenture or agreement made prior to , or the provisions of any applicable law, the consent of the holders of securities outstanding under any such indenture or agreement; or
((2)) would impose an undue burden on this issuer, having due regard to the public interest and the interests of investors.
((d)) ** Exemptions in public interest** The Commission may, by rules or regulations upon its own motion, or by order on application by an interested person, exempt conditionally or unconditionally any person, registration statement, indenture, security or transaction, or any class or classes of persons, registration statements, indentures, securities, or transactions, from any one or more of the provisions of this subchapter, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by this subchapter. The Commission shall by rules and regulations determine the procedures under which an exemption under this subsection shall be granted, and may, in its sole discretion, decline to entertain any application for an order of exemption under this subsection.
((e)) ** Securities issued by small investment company** The Commission may from time to time by its rules and regulations, and subject to such terms and conditions as may be prescribed herein, add to the securities exempted as provided in this section any class of securities issued by a small business investment company under the Small Business Investment Act of 1958 [ et seq.] if it finds, having regard to the purposes of that Act, that the enforcement of this subchapter with respect to such securities is not necessary in the public interest and for the protection of investors.15 U.S.C. 661