When in a state in which you have no place of business and representing the issuer in effecting transactions and:
- the transaction is exempt
- the transaction is in a federal covered security
- is with an existing customer who is not a resident of the state
- with employees of the issuer and no compensation is received
- in five of the exempt securities including ones issued...
1) Government or municipal securities of U.S. or Canada
2) Securities of foreign government with diplomatic relations to the U.S.
3) Any bank, savings institution or trust company organized under the U.S. or any state law
4) Commercial paper with a maturity of 270 days or less in denominations of $50,000 or more rated in top three categories
5) Investment contract issued in connection with an employee's stock purchase, savings, pension or profit sharing plans