Exceptions - Certain MSBs are not required to register:
Solely an agent. - A person that is an MSB solely because that person serves as an agent of another MSB is not required to register. However, a person that is an MSB both because it engages in MSB activities on its own behalf and as an agent of another MSB, must register.
U.S. Postal Service.
Government Agencies. Agencies of the United States, of any State, or of any political subdivision of any State.
Note: A person that is not an MSB is not required to register.
31 CFR 1022.380(a)(1) and (2) (formerly 31 CFR 103.41(a)(1) and (2))