Colorado Code § 11-51-309

Discretionary exemptions
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The securities commissioner may, by rule or
order and subject to such terms and conditions as prescribed therein, from time to time add any
securities to the securities exempted in section 11-51-307 or add any transactions to the
transactions exempted in section 11-51-308, if the securities commissioner finds that the
application of sections 11-51-301 and 11-51-305 to such securities or transactions is not
necessary in the public interest and for the protection of investors.

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