(a) Any purchase and sale, or sale and purchase, of a security shall be exempt from Section 16(b) of the Act, if the transaction is effected by an investment company registered under the Investment Company Act of 1940 and both the purchase and sale of such security have been exempted from the provisions of Section 17(a) of the Investment Company Act of 1940, by rule or order of the Commission.

          (b) Any purchase or sale, or sale and purchase, of a security shall be exempt from the provisions of Section 16(b) of the Act if:

                (1) the person effecting the transaction is either a holding company registered under the Public Utility Holding Company Act of 1935 or a subsidiary thereof; and

               (2) both the purchase and the sale of the security have been approved or permitted by the Commission pursuant to the applicable provisions of that Act and the rules and regulations thereunder.