(1)__The issuer of the security has a class of equity securities listed on a national securities exchange registered under Section 6 of the federal Securities Exchange Act of 1934 or designated for trading on the National Association of Securities Dealers Automated Quotation System;

(2)__The issuer of the security is a unit investment trust registered under the federal Investment Company Act of 1940;

(3)__The issuer of the security, including its predecessors, has been engaged in continuous business for at least 3 years; or

(4) The issuer of the security has total assets of at least $2,000,000 based on an audited balance sheet as of a date within 18 months before the date of the transaction or, in the case of a reorganization or merger when the parties to the reorganization or merger each had such an audited balance sheet, a pro forma balance sheet for the combined organization;

3.__Nonissuer transactions in specified foreign transactions.__ A nonissuer transaction by or through a broker-dealer licensed under or exempt from licensing under this chapter in a security of a foreign issuer that is a margin security defined in regulations or rules adopted by the Board of Governors of the Federal Reserve System;

4.__Nonissuer transactions in securities where guarantor is subject to Securities Exchange Act reporting.__A nonissuer transaction by or through a broker-dealer licensed under or exempt from licensing under this chapter in an outstanding security if the guarantor of the security files reports with the Securities and Exchange Commission under the reporting requirements of Section 13 or 15(d) of the federal Securities Exchange Act of 1934, 15 United States Code, Section 78m or 78o(d);

5.__Nonissuer transactions in specified fixed income securities.__A nonissuer transaction by or through a broker- dealer licensed under or exempt from licensing under this chapter in a security that:

A.__Is rated at the time of the transaction by a nationally recognized statistical rating organization in one of its 4 highest rating categories; or