Wyo. Stat. § 17-4-201 (2026)

     (a) The following securities are exempt from the
requirements of W.S. 17-4-301 through 17-4-306 and 17-4-504:

          (i) A security, including a revenue obligation or a
separate security as defined in rule 131 (17 C.F.R. 230.131)
adopted under the Securities Act of 1933, issued, insured, or
guaranteed by the United States; by a state; by a political
subdivision of a state; by a public authority, agency, or
instrumentality of one (1) or more states; by a political
subdivision of one (1) or more states; or by a person controlled
or supervised by and acting as an instrumentality of the United
States under authority granted by the congress; or a certificate
of deposit for any of the foregoing;

          (ii) A security issued, insured or guaranteed by a
foreign government with which the United States maintains
diplomatic relations, or any of its political subdivisions, if
the security is recognized as a valid obligation by the issuer,
insurer, or guarantor;

          (iii) A security issued by and representing or that
will represent an interest in or a direct obligation of, or be
guaranteed by:

              (A)   An international banking institution;

               (B) A banking institution organized under the
laws of the United States; a member bank of the federal reserve
system; or a depository institution a substantial portion of the
business of which consists or will consist of receiving deposits
or share accounts that are insured to the maximum amount
authorized by statute by the federal deposit insurance
corporation, the national credit union share insurance fund, or
a successor authorized by federal law or exercising fiduciary
powers that are similar to those permitted for national banks
under the authority of the comptroller of currency pursuant to
section 1 of Public Law 87-722 (12 U.S.C. § 92a); or

               (C) Any other depository institution, unless by
rule or order the secretary of state proceeds under W.S.
17-4-205.

          (iv) A security issued by and representing an
interest in, or a debt of, or insured or guaranteed by, an
insurance company authorized to do business in this state;
          (v) A security issued or guaranteed by a railroad,
other common carrier, public utility, or public utility holding
company that is:

               (A) Regulated in respect to its rates and
charges by the United States or a state;

               (B) Regulated in respect to the issuance or
guarantee of the security by the United States, a state, Canada,
or a Canadian province or territory; or

               (C) A public utility holding company registered
under the Public Utility Holding Company Act of 1935 or a
subsidiary of such a registered holding company within the
meaning of that act.

          (vi) A federal covered security specified in section
18(b)(1) of the Securities Act of 1933 (15 U.S.C. § 77r(b)(1))
or by rule adopted under that provision or a security listed or
approved for listing on another securities market specified by
rule under this act; a put or a call option contract; a warrant;
a subscription right on or with respect to such securities; or
an option or similar derivative security on a security or an
index of securities or foreign currencies issued by a clearing
agency registered under the Securities Exchange Act of 1934 and
listed or designated for trading on a national securities
exchange, a facility of a national securities exchange, or a
facility of a national securities association registered under
the Securities Exchange Act of 1934 or an offer or sale, of the
underlying security in connection with the offer, sale, or
exercise of an option or other security that was exempt when the
option or other security was written or issued; or an option or
a derivative security designated by the securities and exchange
commission under section 9(b) of the Securities Exchange Act of
1934 (15 U.S.C. § 78i(b));

          (vii) A security issued by a person organized and
operated exclusively for religious, educational, benevolent,
fraternal, charitable, social, athletic, or reformatory
purposes, or as a chamber of commerce, and not for pecuniary
profit, no part of the net earnings of which inures to the
benefit of a private stockholder or other person, or a security
of a company that is excluded from the definition of an
investment company under section 3(c)(10)(B) of the Investment
Company Act of 1940 (15 U.S.C. § 80a-3(c)(10)(B)); except that
with respect to the offer or sale of a note, bond, debenture, or
other evidence of indebtedness issued by such a person, a rule
may be adopted under this act limiting the availability of this
exemption by classifying securities, persons, and transactions,
imposing different requirements for different classes,
specifying with respect to subparagraph (B) of this paragraph
the scope of the exemption and the grounds for denial or
suspension, and requiring an issuer:

               (A) To file a notice specifying the material
terms of the proposed offer or sale and copies of any proposed
sales and advertising literature to be used and provide that the
exemption becomes effective if the secretary of state does not
disallow the exemption within the period established by the
rule;

               (B) To file a request for exemption
authorization for which a rule under this act may specify the
scope of the exemption, the requirement of an offering
statement, the filing of sales and advertising literature, the
filing of consent to service of process complying with W.S.
17-4-611, and grounds for denial or suspension of the exemption;
or

                (C)   To register under W.S. 17-4-304.

          (viii) A member's or owner's interest in, or a
retention certificate or like security given in lieu of a cash
patronage dividend issued by, a cooperative organized and
operated as a nonprofit membership cooperative under the
cooperative laws of a state, but not a member's or owner's
interest, retention certificate, or like security sold to
persons other than bona fide members of the cooperative; and

          (ix) An equipment trust certificate with respect to
equipment leased or conditionally sold to a person, if any
security issued by the person would be exempt under this section
or would be a federal covered security under section 18(b)(1) of
the Securities Act of 1933 (15 U.S.C. § 77r(b)(1)).