Section 3(a)(3) of the Securities Act of 1933 provides an exemption from the Securities Act registration requirements for the offer of certain short-term instruments, including commercial paper that has a maturity at the time of issuance not exceeding nine months, exclusive of days of grace, or any renewal thereof of the maturity of which is likewise limited, and that arises out of a current transaction or the proceeds of the issuance of which are used for current transactions.

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