Corporations Code section 25101

The following securities are exempt from the provisions of Section 25130:

(a)

Any security issued by a person that is the issuer of any security listed on a national securities exchange, if the exchange is certified by rule or order of the commissioner.

(b)

The exemption provided by subdivision (a) does not apply to securities offered pursuant to a registration under the Securities Act of 1933 or pursuant to the exemption afforded by Regulation A under that act if the aggregate offering price of the securities offered pursuant to that exemption exceeds fifty thousand dollars ($50,000).

Source: Section 25101, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=25101.­ (updated Jan. 1, 2010; accessed Nov. 3, 2025).

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Verified:
Nov. 3, 2025

§ 25101's source at ca​.gov