1. The following securities are exempted from Sections 61-1-7 and 61-1-15:
   2. a security issued or guaranteed by Canada, a Canadian province, a political subdivision of a Canadian province, an agency or corporate or other instrumentality of one or more of the foregoing, or another foreign government with which the United States currently maintains diplomatic relations, if the security is recognized as a valid obligation by the issuer or guarantor;

If for some reason the United States severs diplomatic relations with a foreign government the exemption for that government's securities is no longer available.

Securities issued by a political subdivision of a foreign government, other than Canada, must be guaranteed by the foreign national government to qualify for the exemption.