{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-514.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-514.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-514.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-514.1.html"}],"law_id":74119,"edition_id":1,"section_id":74119,"structure_id":13759,"section_number":"13.1-514.1","catch_line":"Exemption of certain securities by order of Commission","history":"1960, c. 71; 1976, c. 656; 1993, c. 75; 1994, cc. 184, 355; 1995, c. 245; 1997, c. 289.","full_text":"A\n\nThe Commission may by order exempt from the other provisions of this chapter any security that the Commission finds:1\n\nIs to be offered and sold as part of a community undertaking to attract new business or industry to the community, or to establish or continue financial assistance to an existing business or industry in the community;2\n\nIs sponsored by the local chamber of commerce, by a local industrial development corporation or by other groups of representative local businessmen; and3\n\nIs to be sold mainly to persons interested in the development of the community by salesmen who receive no compensation for offering and selling the security.B\n\nThe Commission may also exempt any security it finds that is to be offered and sold by any person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic or reformatory purposes, or as a chamber of commerce or trade or professional association.C\n\nThe Commission may, by rule, exempt an offer, but not a sale, of a security from the securities and agent registration requirements of this chapter made by or on behalf of an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus (or its equivalent) for the security. The rulemaking proceeding shall give due consideration to the provisions of the national pilot project of the North American Securities Administrators Association, Inc., relating to the solicitations of indications of interest prior to the filing of a registration statement. The written documents, broadcasts and oral representations related to solicitation of an indication of interest made to potential investors are subject to the anti-fraud provisions of § 13.1-502. If the Commission determines that such exemption should not be granted, it shall set forth the findings and conclusions upon which its decision is based in its order.","order_by":null,"text":{"0":{"id":266534,"text":"The Commission may by order exempt from the other provisions of this chapter any security that the Commission finds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":266535,"text":"Is to be offered and sold as part of a community undertaking to attract new business or industry to the community, or to establish or continue financial assistance to an existing business or industry in the community;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":266536,"text":"Is sponsored by the local chamber of commerce, by a local industrial development corporation or by other groups of representative local businessmen; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":266537,"text":"Is to be sold mainly to persons interested in the development of the community by salesmen who receive no compensation for offering and selling the security.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":266538,"text":"The Commission may also exempt any security it finds that is to be offered and sold by any person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic or reformatory purposes, or as a chamber of commerce or trade or professional association.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":266539,"text":"The Commission may, by rule, exempt an offer, but not a sale, of a security from the securities and agent registration requirements of this chapter made by or on behalf of an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus (or its equivalent) for the security. The rulemaking proceeding shall give due consideration to the provisions of the national pilot project of the North American Securities Administrators Association, Inc., relating to the solicitations of indications of interest prior to the filing of a registration statement. The written documents, broadcasts and oral representations related to solicitation of an indication of interest made to potential investors are subject to the anti-fraud provisions of § 13.1-502. If the Commission determines that such exemption should not be granted, it shall set forth the findings and conclusions upon which its decision is based in its order.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13759,"edition_id":1,"name":"Miscellaneous","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":13119,"metadata":{},"date_created":"2026-06-26 03:45:48","date_modified":"2026-06-26 03:45:48","permalink":{"id":149877,"object_type":"structure","relational_id":13759,"identifier":"5","token":"13.1\/5\/5","url":"\/13.1\/5\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13119,"edition_id":1,"name":"Securities Act","identifier":"5","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":149803,"object_type":"structure","relational_id":13119,"identifier":"5","token":"13.1\/5","url":"\/13.1\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81002,"structure_id":13759,"section_number":"13.1-514","catch_line":"Exemptions","url":"\/13.1-514\/","token":"13.1\/5\/5\/13.1-514","metadata":false},{"id":74119,"structure_id":13759,"section_number":"13.1-514.1","catch_line":"Exemption of certain securities by order of Commission","url":"\/13.1-514.1\/","token":"13.1\/5\/5\/13.1-514.1","metadata":false},{"id":60065,"structure_id":13759,"section_number":"13.1-514.2","catch_line":"Primacy of Virginia law to be maintained","url":"\/13.1-514.2\/","token":"13.1\/5\/5\/13.1-514.2","metadata":false},{"id":78083,"structure_id":13759,"section_number":"13.1-515","catch_line":"Advertising","url":"\/13.1-515\/","token":"13.1\/5\/5\/13.1-515","metadata":false},{"id":81574,"structure_id":13759,"section_number":"13.1-516","catch_line":"Misleading filings","url":"\/13.1-516\/","token":"13.1\/5\/5\/13.1-516","metadata":false},{"id":76608,"structure_id":13759,"section_number":"13.1-517","catch_line":"Consent to service of process","url":"\/13.1-517\/","token":"13.1\/5\/5\/13.1-517","metadata":false},{"id":75747,"structure_id":13759,"section_number":"13.1-518","catch_line":"Investigations; confidentiality of information and documents","url":"\/13.1-518\/","token":"13.1\/5\/5\/13.1-518","metadata":false},{"id":64404,"structure_id":13759,"section_number":"13.1-518.1","catch_line":"Broker-dealers and investment advisors to file certain reports with Commission","url":"\/13.1-518.1\/","token":"13.1\/5\/5\/13.1-518.1","metadata":false},{"id":87282,"structure_id":13759,"section_number":"13.1-519","catch_line":"Injunctions","url":"\/13.1-519\/","token":"13.1\/5\/5\/13.1-519","metadata":false},{"id":69562,"structure_id":13759,"section_number":"13.1-520","catch_line":"Crimes","url":"\/13.1-520\/","token":"13.1\/5\/5\/13.1-520","metadata":false},{"id":62010,"structure_id":13759,"section_number":"13.1-520.1","catch_line":"Commission may transmit record or complaint to locality where violation occurred","url":"\/13.1-520.1\/","token":"13.1\/5\/5\/13.1-520.1","metadata":false},{"id":71026,"structure_id":13759,"section_number":"13.1-521","catch_line":"Violations punishable by the Commission","url":"\/13.1-521\/","token":"13.1\/5\/5\/13.1-521","metadata":false},{"id":64194,"structure_id":13759,"section_number":"13.1-522","catch_line":"Civil liabilities","url":"\/13.1-522\/","token":"13.1\/5\/5\/13.1-522","metadata":false},{"id":65333,"structure_id":13759,"section_number":"13.1-523","catch_line":"Rules and forms","url":"\/13.1-523\/","token":"13.1\/5\/5\/13.1-523","metadata":false},{"id":69342,"structure_id":13759,"section_number":"13.1-523.1","catch_line":"Commission authority to regulate securities and investment advisory activities","url":"\/13.1-523.1\/","token":"13.1\/5\/5\/13.1-523.1","metadata":false},{"id":85546,"structure_id":13759,"section_number":"13.1-524","catch_line":"Certain records of Commission available to public; admissibility of copies; destruction","url":"\/13.1-524\/","token":"13.1\/5\/5\/13.1-524","metadata":false},{"id":81978,"structure_id":13759,"section_number":"13.1-525","catch_line":"Official interpretations","url":"\/13.1-525\/","token":"13.1\/5\/5\/13.1-525","metadata":false},{"id":86458,"structure_id":13759,"section_number":"13.1-525.1","catch_line":"Fees to cover expense of regulation","url":"\/13.1-525.1\/","token":"13.1\/5\/5\/13.1-525.1","metadata":false},{"id":69698,"structure_id":13759,"section_number":"13.1-526","catch_line":"Transition","url":"\/13.1-526\/","token":"13.1\/5\/5\/13.1-526","metadata":false},{"id":82428,"structure_id":13759,"section_number":"13.1-527","catch_line":"Short title","url":"\/13.1-527\/","token":"13.1\/5\/5\/13.1-527","metadata":false},{"id":54768,"structure_id":13759,"section_number":"13.1-527.01","catch_line":"Repealed","url":"\/13.1-527.01\/","token":"13.1\/5\/5\/13.1-527.01","metadata":false}],"previous_section":{"id":81002,"structure_id":13759,"section_number":"13.1-514","catch_line":"Exemptions","url":"\/13.1-514\/","token":"13.1\/5\/5\/13.1-514","metadata":false},"next_section":{"id":60065,"structure_id":13759,"section_number":"13.1-514.2","catch_line":"Primacy of Virginia law to be maintained","url":"\/13.1-514.2\/","token":"13.1\/5\/5\/13.1-514.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-514.1\/","history_text":"

This law was first created in 1960. The record of its establishment is cataloged in chapter 71 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1960 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1976, chapter 656; in 1993, chapter 75; in 1994, chapters 184<\/a> and 355<\/a>; in 1995, chapter 245<\/a>; in 1997, chapter 289<\/a>.<\/p>","references":false,"refers_to":[{"id":62839,"section_number":"13.1-502","catch_line":"Unlawful offers and sales","order_by":null,"url":"\/13.1-502\/"}],"permalink":{"id":149883,"object_type":"law","relational_id":74119,"identifier":"13.1-514.1","token":"13.1\/5\/5\/13.1-514.1","url":"\/13.1-514.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-514.1\/","token":"13.1\/5\/5\/13.1-514.1","dublin_core":{"Title":"Exemption of certain securities by order of Commission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-514.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission may by order<\/span> exempt from the other provisions of this chapter any security that the Commission finds: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is to be offered and sold as part of a community undertaking to attract new business or industry to the community, or to establish or continue financial assistance to an existing business or industry in the community; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Is sponsored by the local chamber of commerce, by a local industrial development corporation or by other groups of representative local businessmen; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Is to be sold mainly to persons interested in the development of the community by salesmen who receive no compensation for offering and selling the security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission may also exempt any security it finds that is to be offered and sold by any person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic or reformatory purposes, or as a chamber of commerce or trade or professional association. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission may, by rule, exempt an offer, but not a sale, of a security from the securities and agent registration requirements of this chapter made by or on behalf of an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus (or its equivalent) for the security. The rulemaking proceeding shall give due consideration to the provisions of the national pilot project of the North American Securities Administrators Association, Inc., relating to the solicitations of indications of interest prior to the filing of a registration statement. The written documents, broadcasts and oral representations related to solicitation of an indication of interest made to potential investors are subject to the anti-fraud<\/span> provisions of § 13.1-502<\/a>. If the Commission determines that such exemption should not be granted, it shall set forth the findings<\/span> and conclusions upon which its decision is based in its order<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXEMPTION OF CERTAIN SECURITIES BY ORDER OF COMMISSION (\u00a7 13.1-514.1)\n\nA. The Commission may by order exempt from the other provisions of this chapter\nany security that the Commission finds:\n\n 1. Is to be offered and sold as part of a community undertaking to attract new\n business or industry to the community, or to establish or continue financial\n assistance to an existing business or industry in the community;\n\n 2. Is sponsored by the local chamber of commerce, by a local industrial\n development corporation or by other groups of representative local\n businessmen; and\n\n 3. Is to be sold mainly to persons interested in the development of the\n community by salesmen who receive no compensation for offering and selling the\n security.\n\nB. The Commission may also exempt any security it finds that is to be offered\nand sold by any person organized and operated not for private profit but\nexclusively for religious, educational, benevolent, charitable, fraternal,\nsocial, athletic or reformatory purposes, or as a chamber of commerce or trade\nor professional association.\n\nC. The Commission may, by rule, exempt an offer, but not a sale, of a security\nfrom the securities and agent registration requirements of this chapter made by\nor on behalf of an issuer for the sole purpose of soliciting an indication of\ninterest in receiving a prospectus (or its equivalent) for the security. The\nrulemaking proceeding shall give due consideration to the provisions of the\nnational pilot project of the North American Securities Administrators\nAssociation, Inc., relating to the solicitations of indications of interest\nprior to the filing of a registration statement. The written documents,\nbroadcasts and oral representations related to solicitation of an indication of\ninterest made to potential investors are subject to the anti-fraud provisions of\n§ 13.1-502. If the Commission determines that such exemption should not be\ngranted, it shall set forth the findings and conclusions upon which its decision\nis based in its order.\n\nHISTORY: 1960, c. 71; 1976, c. 656; 1993, c. 75; 1994, cc. 184, 355; 1995, c.\n245; 1997, c. 289.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}