Section 548.004 - Rules Relating to Equity Securities and Exempt Securities(a) If the commissioner considers it necessary or appropriate in the public interest or for the protection of investors, the commissioner by rule may define: (1) "equity security" to include a security that is similar in nature to an equity security; and(2) "exempt security" for purposes of this chapter.(b) In adopting a rule under Subsection (a)(2), the commissioner may define the term conditionally, on specified terms, or for a stated period.Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. 4/1/2005.