Section 3
SEC. 3. Certain securities exempted.-The provisions of this Act shall not apply to: (a) Securities of the United States or of any foreign government, or of any State or territory thereof, or of any province, city, municipality, township or other public taxing subdivision of the United States, of the Philippine Islands or of a foreign government. (b) Securities of public or quasi-public corporations the issue of which are regulated by the Board of Public Utility Commissioners or other similar authority. (c) Securities of banks, trust companies, mortgage companies dealing exclusively in bona fide mortgages on farm and city real estate, or insurance companies authorized to do business in the Philippine Islands.