(2) The following transactions are exempted from Sections 61-1-7 and 61-1-15:

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(d) a transaction between the issuer or other person on whose behalf the offering is made and an underwriter, or among underwriters;

This exemption most commonly covers a transaction where an underwriter purchases a block of securities from an issuer in a "firm underwriting." It can also cover other types of transactions between issuers and underwriters and between various members of an underwriting syndicate.