---
kind: "section"
citation: "12 C.F.R. § 16.5"
title: "12"
number: "16.5"
heading: "Exemptions."
url: "https://uscodex.org/cfr/12/16.5"
---

# §16.5. Exemptions.


The registration statement and prospectus requirements of [§ 16.3](/cfr/12/16.3.md) do not apply to an offer or sale of national bank or Federal savings association securities:

- (a) If the securities are exempt from registration under section 3 of the Securities Act ([15 U.S.C. 77c](/usc/15/77c.md)), but only by reason of an exemption other than [section 3(a)(2)](/cfr/12/3.md?p=a-2) (exemption for bank securities), [section 3(a)(5)](/cfr/12/3.md?p=a-5) (exemption for savings association securities), [section 3(a)(11)](/cfr/12/3.md?p=a-11) (exemption for intrastate offerings), and [section 3(a)(12)](/cfr/12/3.md?p=a-12) (exemption for bank holding company formation) of the Securities Act.
- (b) In a transaction exempt from registration under section 4 of the Securities Act ([15 U.S.C. 77d](/usc/15/77d.md)). SEC Rules [152](/cfr/12/152.md) and [152a](/cfr/12/152a.md) (17 CFR [230.152](/cfr/17/230.152.md) and [230.152a](/cfr/17/230.152a.md)) (which apply to sections 4(a)(2) and 4(a)(1) of the Securities Act) apply to this part;
- (c) In a transaction that satisfies the requirements of [§ 16.7](/cfr/12/16.7.md) of this part;
- (d) In a transaction that satisfies the requirements of [§ 16.8](/cfr/12/16.8.md) of this part;
- (e) In a transaction that satisfies the requirements of SEC Rule [144](/cfr/12/144.md), [144A](/cfr/12/144A.md), or [236](/cfr/12/236.md) (17 CFR [230.144](/cfr/17/230.144.md), [230.144A](/cfr/17/230.144A.md), or [230.236](/cfr/17/230.236.md));
- (f) In a transaction that satisfies the requirements of SEC [Rule 701](/cfr/12/701.md) ([17 CFR 230.701](/cfr/17/230.701.md));
- (g) In a transaction that is an offer or sale occurring outside the United States under SEC Regulation S ([17 CFR part 230](/cfr/17/part230.md), Regulation S—Rules Governing Offers and Sales Made Outside the United States Without Registration Under the Securities Act of 1933); or
- (h) In a transaction that satisfies the requirements of [§ 16.9](/cfr/12/16.9.md) of this part.

## Notes

### Amendments

[59 FR 54798, Nov. 2, 1994; 59 FR 67153, Dec. 29, 1994, as amended at 73 FR 22243, Apr. 24, 2008; 82 FR 8107, Jan. 23, 2017]

### Authority

Authority: 12 U.S.C. 1 et seq., 93a, 1462a, 1463, 1464, and 5412(b)(2)(B).

### Source

Source: 59 FR 54798, Nov. 2, 1994, unless otherwise noted.

### Amendments

[59 FR 54798, Nov. 2, 1994; 59 FR 67153, Dec. 29, 1994, as amended at 73 FR 22243, Apr. 24, 2008; 82 FR 8107, Jan. 23, 2017]