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By virtue of a Securities and Exchange Commission (SEC) order in January 1998 that designates NYSE Arca Tier I listed securities as covered securities for the purposes of Section 18(a) of the Securities Act of 1933, Tier I listings are afforded Blue Sky exemption from state securities laws in all 50 states (SEC Release No. 3-7494, January 2, 1998). Under the SEC's order, Section 18(a) preempts any state registration and fee requirements that would otherwise apply to Tier I listings. Tier II listings are afforded for issuer and non-issuer exemptions in the following states and jurisdictions except where noted below.

State Tier I Tier II
Alabama X  
Alaska X X
Arizona X X
Arkansas X X
California X 1
Colorado X X
Connecticut X  
Delaware X X
Florida X 1
Georgia X X
Hawaii X X
Idaho X  
Illinois X X
Indiana X  
Iowa X  
Kansas X X3
Kentucky X  
Louisiana X  
Maine X  
Maryland X  
Massachusetts X X
Michigan X  
Minnesota X  
Mississippi X  
Missouri X X
Montana X X
Nebraska X  
Nevada X X
New Hampshire X  
New Jersey X  
New Mexico X X
New York X 2
North Carolina X  
North Dakota X  
Ohio X  
Oklahoma X 1
Oregon X X
Pennsylvania X  
Rhode Island X X
South Carolina X  
South Dakota X  
Tennessee X  
Texas X X
Utah X 1
Vermont X  
Virginia X  
Washington X  
West Virginia X  
Wisconsin X  
Wyoming X  
  1. Non-issuer exemption only
  2. Issuer transactions may be subject to notice filing requirements
  3. Issuer securities described as smal cap or emerging companies shall not be exempt under this exemption
Territory Tier I Tier II
Puerto Rico X X