a. If a corporation merges with another publicly held company, a new corporation is being created, and a registration statement must be filed as well. II State registration Rule 144 does not apply to stock purchases - it only applies to stock sales. Correct C. $1,000,000 "Options involve a lower degree of risk than trading the underlying securities because the capital requirements are lower" Which of the following are non-exempt issues under the Securities Act of 1933? The bank that structures the ADRs handles the registration. StatusB B. StatusB B. after holding the securities for 90 days The best answer is B. Correct B. I and IV A. An officer of ABC wishes to sell ABC stock on November 15th under Rule 144. The President of PDQ Corporation donates restricted PDQ shares to the United Way after holding them for 3 months fully paid. A sample of 65 observations is selected from one population with a population standard deviation of 0.75. Assuming that all other requirements of the rule are met, the maximum sale amount is: StatusC C. after holding the securities for an additional 6 months StatusD D. 1 year. I made by start-up issuers Correct Answer C. the public offering price as stated in the prospectus without any commission C. MSRB Rules D. can recommend stocks. Rule 147 is an exemption for an intrastate offering. \text { Peyton Manning } & 94.7 & 5.7 & 2.8 \\ The best answer is B. I registered distribution Business entertainment means that the representative and the customer are together at some type of event. Handbook Web site. C. Municipal principal in a municipal securities firm is the supervisor of the school board whose bonds the firm is trading Specific customer approval is needed for the registered representative to effect which of the following transactions in the customer's account? Once the "shelf" filing is made, by giving 2 days' notice to the SEC, the issuer can sell new securities in the market. ", Which of the following statements are TRUE about Rule 147? IV Municipal Debt StatusC C. 50 StatusD D. II and IV. (Test Note: The maximum investment amount and the maximum amount that can be raised are subject to an inflation adjustment every 5 years. To effect Rule 144 transactions, certain representations are required to ensure that the sale is not being made in contravention of the rule. Second, I objected to part of proposed new Rule 147 that holds if an offering is conducted pursuant to an exemption from state law registration, the offering must be Correct B. StatusB B. III and IV only -Intrastate offerings are subject to State registration -Intrastate offerings are exempt from Federal registration StatusA A. I only StatusC C. II and III The best answer is C. If the SEC sets the "effective date" for an issue in registration, this means that all proper documents have been filed with the SEC. a. An Offering Memorandum is the disclosure document for a private placement - which is a security sold in an exempt transaction. Generally, registered secondary distributions are used by officers of public held companies and larger shareholders, who when selling shares, are subject to the requirements of Rule 144 (public notice of sale and limits on the amount of shares that can be sold each quarter). A A registration statement must be filed with FINRA prior to sale B A registration statement must be An investor that has been unaffiliated with the issuer for at least 3 months is permitted to sell restricted shares under Rule 144 without being subject to the volume restrictions, after having held the shares for: Correct A. I and III A registered representative has prepared a research report about a new issue that is "in registration." III Intrastate offerings are exempt from Federal registration The best answer is B. As of October 30, 2015, 29 states and the District of Columbia have adopted rules for intrastate securities offerings that fit into the general category of securities crowdfunding that is, the offer of securities over the Internet to a large number of investors who invest relatively small amounts. September 27th 18,000 shares Once the registration is effective, the final prospectus is used to offer and sell the issue. 1,960,000 shares / 4 weeks = 490,000 share average All of the following would be considered a "control" relationship to be disclosed to customers EXCEPT the: These are institutions with at least $100 million of assets that can be invested. Additional commissions or charges above the P.O.P. Incorrect Answer D. Regulation D. The best answer is A. Rule 147 requires that resale of securities sold under the intrastate exemption be restricted to intrastate only for 6 months following completion of the initial offering. Auction Rate Securities are long-term debt issues where the interest rate is reset weekly (or monthly) via Dutch auction. Tier 2 requires more detailed information, including audited financial statements, and can be used for offerings of up to $50 million. September 13th StatusB B. SEC has certified that the offering documents give full and fair disclosure III Rule 144A permits issuers to sell tradeable private placement units to qualified institutional buyers Rule 147 requires that resale of securities sold under the intrastate exemption be restricted to intrastate only for 6 months following first sale. The best answer is A. September 13th In April 2017, it was adjusted to $1,070,000. 3 months StatusA A. Prior to the "20 day cooling off period," the filing had not been made, so nothing can be done that involves contacting the public about that issue. They are targeted at small investors. WebAll of the following statements regarding short term negotiable certificates of deposit are correct EXCEPT: A. the minimum denomination is $100,000B. Correct B. III and IV only The best answer is D. During the 20-day cooling off period for a new issue in registration, the worry of the SEC is that the underwriters will "hype" the issue to increase investor interest and hence increase the final Public Offering Price. StatusC C. a Form 144 must be filed with the SEC StatusB B. III and IV only The issuer must file a Form D with the SEC within 15 days of the offering to claim the exemption. However, the issue is still subject to state (blue-sky) registration. Rule 144 permits the sale of the greater of 1% of the shares outstanding or the weekly average of the preceding 4 weeks' trading volume. It gives an "E-Z" registration method for offerings of up to $50 million within a 12 month period. Non-accredited investors buying a Tier 2 Regulation A offering cannot invest an amount that is the greater of 10% of that person's annual income or net worth. StatusA A. The issue here is that there can be an inherent conflict of interest when such a relationship exists. C. can be sent from the branch office where the representative works The previous weeks' trading volumes are: The maximum permitted sale amount is: The intent is to help early-stage companies raise investment capital with little regulatory burden, improving job formation and economic growth in the U.S. economy. B. III and IV only Correct B. II only D. II and IV Incorrect Answer A. subscription agreement In addition, the terms of the offering must be filed with FINRA and must comply with FINRA rules. II Treasury Bills The best answer is B. II by the buyer of the restricted shares Correct Answer A. I only For the exam, know the base amount and the fact that it is indexed for inflation periodically. It could do this by making purchases of that issue in its discretionary accounts. StatusC C. I, II, III, IV Treasurer of the township, whose bonds the firm is offering on an agency basis, is on the Board of Directors of the municipal firm Rule 147 Search/A-Z Index link and enter the StatusA A. StatusD D. I, II, III. Such a broker-dealer, if it were unscrupulous, would have an incentive to "support" the price of the issue in the aftermarket, making it more likely that the municipality would use that firm for future underwritings. C. II, III, IV An investor wishes to sell restricted stock under the provisions of Rule 144. StatusD D. arbitration agreement. StatusD D. An unlimited number. The primary distribution of 300,000 shares consists of the newly issued shares where the proceeds will go to the issuer. StatusA A. before the 20 day cooling off period The greater amount is 1% of outstanding shares, or 500,000 shares. I by the seller of the restricted shares B. III and IV only 500,000 shares III with no registration with the SEC II A preliminary prospectus may be sent to a prospective customer once the issue has entered into the 20 day cooling off period III U.S. Government Bonds StatusB B. In reality, private placements are sold to a relatively small number of institutional investors. ), The selling shareholders are required to offer their shares via a prospectus because: Rule 144 applies to: III Listed option contracts The best answer is A. 450,000 shares StatusA A. StatusA A. B. Correct Answer A. they are sold on a dealer basis StatusA A. III 10 business days prior of the placement of the order I The rule exempts intrastate issues from Federal registration The investment minimum is only $2,000 and the investor is not required to meet any income or net worth tests. StatusA A. In addition, the terms of the offering must be filed with FINRA and must comply with FINRA rules. Additional commissions or charges above the P.O.P. Such "QIBs" can buy unregistered private placement blocks and trade them with other "QIBs. Which of the following securities is NOT exempt from the Securities Act of 1933? III Partnership with assets in excess of $5,000,000 formed for the specific purpose of acquiring the securities offered StatusD D. 90 days. To obtain the 147 exemption, both the issuer and the purchaser must be state residents. StatusA A. I only Choice "a" is incorrect. Correct A. immediately 1% of 100,000,000 shares = 1,000,000 shares. Nov 14 This offering is a(n): 6 months 2.Reversing the order of the intersected tables alters the result. The proceeds from the secondary distribution go to the selling shareholders. For example, a municipal control relationship might exist if the president of the broker-dealer is also a political official of the town whose bonds are being recommended. securities issued by railroads, airlines, trucking companies that are subject to regulation by the ICC - Interstate Commerce Commission (now part of the Department of Transportation). Regulation A is intended to make it easier for smaller issuers to raise capital. I Sending a customer a "red herring" preliminary prospectus I Gift of $75 in cash No, because the shares are being sold under a "de minimis" exemption Regulation A is intended to make it easier for start-up companies to raise capital. It is permitted to send a preliminary prospectus (red herring) to obtain indications of interest during the cooling off period, because legally, these are not offers to sell the security. 17,000 shares The most probable reason why these shares are being offered by prospectus is that: Thus, issuers have a way of selling securities to these investors quickly without incurring the costs of SEC registration; and the QIB knows that it can always sell that investment to another QIB without needing to register the issue with the SEC. The best answer is C. Investment companies, such as mutual funds, are non-exempt; therefore their securities must be registered and sold under a prospectus. StatusB B. III and IV StatusA A. these securities are issued by banks A The best answer is B. C. MSRB Rules C. Auction Rate Securities can be put back to the issuer at the reset date StatusD D. II and IV. The amendments also seek to close gaps and reduce complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for businesses and There is no minimum purchase amount that makes an individual accredited. 225,750 shares Once the registration statement is filed, a preliminary prospectus can be sent; indications of interest can be accepted; and a "tombstone" announcement can be published. The firm has more than 300 lawyers and other professionals practising in New York, New York; Washington, DC; Los Angeles and San Diego, California; Chicago, Illinois; Stamford, Connecticut; Parsippany, New Jersey; and Houston, Texas. Nov. 12th I Rule 144A allows qualified institutional buyers to buy and trade between themselves large blocks of privately placed issues \text { Carson Palmer } & 90.1 & 5.1 & 3.1 \\ StatusC C. 3 an offer of securities that is made only in one state (as opposed to an interstate offer made in more than 1 state) that is an exempt transaction under the Securities Act of 1933, since the Federal government does not have jurisdiction unless the transaction crosses state lines. The maximum amount that can be invested in a single offering under Regulation Crowdfunding is $100,000. The client cannot make the investment unless he or she is an accredited investor Correct Answer B. I and IV III Both the issuer and all purchasers must be state residents Rule 144 allows the sale of 1% of the issuer's outstanding shares or the weekly average of the preceding 4 weeks' trading volume (whichever is greater) to be sold every 90 days. Incorrect Answer C. I and III only Non-profit organization with assets in excess of $2,000,000 Oct. 23rd D. I, II, III, IV. StatusC C. Municipal Debt StatusC C. Rule 147 Rule 147 exempts "intrastate" issues from registration with the SEC. Commercial Paper, which is issued by corporations, is not eligible for Fed trading. Rule 144A StatusD D. I, II, III, IV. There is no requirement that another 6-month holding period be met. September 13th 19,000 shares with a list of things you could do Regulation Crowdfunding is intended as a means of raising capital: Once the registration statement is filed, the issue enters the 20-day cooling off period. Rule 144A allows qualified institutional buyers ("QIBs") to buy and trade between themselves large blocks of privately placed issues. The Federal Reserve trading desk can trade securities issued by the U.S. Government, Government Agencies, and prime Banker's Acceptances. Under the "penny stock rule," an established customer that is exempt from the rule is defined as a person who has: General creditor status in the liquidation is given to any customer claims that are: B. above Securities Investor Protection Corporation coverage limits. A company has filed a registration statement with the SEC that uses a method that is only available to seasoned issuers. Incorrect Answer B. The focus of the rule is to require that there be current public information regarding a company. (see Non-exempt security, Prospectus). Correct Answer C. the stock must be held for 6 months, fully paid Rule 147 is the intrastate exemption; Rule 144 is an exemption from SEC registration for the resale of private placement stock owned by an investor where the company subsequently went public; and Regulation A is an exemption from registration for the sale of a small dollar amount ($50 million or less). III Solely from the standpoint of percentage of shares outstanding, a maximum of 1% of the company's shares can be sold at this time Correct Answer B. D)can be used to review the issue's creditworthiness. When a customer buys a new stock issue from a syndicate member, the customer pays: StatusD D. II and IV. No specific authorization is needed to buy securities for a discretionary customer account where the firm is a market maker in the security - no control relationship exists with the issuer in this case. occupation. StatusD D. each sale is limited to the greater of 1% of the outstanding shares; or the weekly average of the prior 4 weeks' trading volume. Which statements are TRUE? The Securities Act of 1933 A non-profit organization, trust, or institutional investor is accredited if it has at least $5,000,000 of assets and was NOT formed with the intent of buying the private placement. IV the weekly average of the prior 8 weeks' trading volume Correct B. Which statement about Auction Rate Securities is FALSE? 1 Twitter 2 Facebook 3RSS 4YouTube SEC Rule 415, the "shelf registration rule" allows "seasoned issuers" to file a blanket registration statement with the SEC, covering a period of 3 years, for any securities that the issuer may wish to sell. The best answer is B. Oct. 30th The shares can be sold: StatusB B. I and IV II Couple earning $300,000 per year The best answer is C. Intrastate offerings are exempt from SEC registration, but are still subject to registration within the state where the offer is being made. StatusD D. $1,000,000,000 of assets that it invests on a discretionary basis. 1% of 50,000,000 shares = 500,000 shares. Trades of U.S. Does the Form 144 filing requirement apply to this sale? Think of the SEC as a big filing cabinet - once the proper documents relating to a new issue offering are filed, the issue may be offered and sold to the public. Choice A would not be considered to be a control relationship because the broker-dealer is not involved in a relationship with the issuer - rather the firm is simply trading the bonds in the secondary market. 35 Q Tier 1 gives an "E-Z" registration process to offerings of no more than $20 million in a 12 month period. I Intrastate offerings are subject to Federal registration StatusC C. I and III only By using a manager, the stock will be sold in an orderly fashion into the market and the market price of the outstanding shares should not be adversely affected. the effective date of the issue is unaffected by the deficiency notice An SEC "deficiency letter" indicates that there is not adequate disclosure in the registration documents to allow investor Correct A. I and III The best answer is B. B. Which statements are TRUE? If the SEC sets the "effective date" for an issue in registration, this means that all proper documents have been filed with the SEC. Incorrect Answer B. II only This offering is a(n): StatusD D. 1,025,000 shares. The best answer is A. The best answer is A. Which offering of securities under Regulation A is subject to purchase limitations? IV at, or prior to, the placement of the order II they are sold on an agency basis II An Offering Memorandum must be delivered to all purchasers I Disclosure in the registration documents is not complete SEC Rule 415, the "shelf registration rule" allows "seasoned issuers" to file a blanket registration statement with the SEC, covering a period of 3 years, for any securities that the issuer may wish to sell. StatusA A. I and II acronym for a "Qualified Institutional Buyer" as defined under Rule 144A. The Form 144 is simply a notification to the SEC that stock will be sold in compliance with the Rule - the SEC does not approve of the sale. StatusC C. II and III Since the offering can only be made through a prospectus, it is an offering that is registered with the SEC. Note, however, that because these securities were never registered with the SEC, they cannot be publicly traded. \hline \text { Steve Young } & 96.8 & 5.6 & 2.6 \\ I A registered representative accepts a $300 gift from a customer III Gift of $150 cash Since this is the first issue of these securities, this is a primary distribution. (see Accredited investor), To claim a private placement exemption: A. Correct Answer C. 250,000 shares The underwriters use the indications collected as one of the determinants for pricing the issue (this happens at the very end of the cooling off period). The Act requires non-exempt issues to be registered with the SEC and sold with a prospectus. September 6th This is because If an officer or selling shareholder wishes to sell a large amount of shares (in excess of Rule 144 limits) of that company, it must register the sale with the SEC, use an underwriter to manage the sale of the shares, and sell with a prospectus. Correct C. Regulation A Correct B. exempt under Regulation D StatusD D. II and IV. Tier 1 offerings, up to a maximum amount of $20 million, are given the easiest registration method and do not require audited financial statements. StatusC C. solicitation of orders to buy is restricted to customers expressing interest within the past 10 days Anyone can purchase a Regulation A offering, however the amount that can be purchased of a Tier 2 offering by a non-accredited investor (basically, a person who is not wealthy) is limited to the greater of 10% of that person's annual income or net worth. StatusC C. The client cannot make the investment because the offering is only available to institutional investors Because the offering only The best answer is B. Conduct the following test of hypothesis using the .08 significance level.a. The best answer is A. Press Release: SEC Proposes Rule Changes to Harmonize, Simplify and Improve the Exempt Offering Framework, Press Release: SEC Seeks Public Comment on Ways to Harmonize Private Securities Offering Exemptions, be organized in the state where it is offering the securities, carry out a significant amount of its business in that stateand, make offers and sales only to residents of that state, the company must be organized in the state where it offers and sells securities, the company must have its principal place of business in-state and satisfy at least one doing business requirement that demonstrates the in-state nature of the companys business, offers and sales of securities can only be made to in-state residents or persons who the company reasonably believes are in-state residentsand, the company obtains a written representation from each purchaser providing the residency of that purchaser, allows offers to be accessible to out-of-state residents, so long as sales are only made to in-state residentsand, permits a company to be incorporated or organized out-of-state, so long as the company has its principal place of business in-state and satisfies at least one doing business requirement that demonstrates the in-state nature of the companys business. The best answer is B. $1,000,000 of assets that it invests on a discretionary basis Under Rule 144, the Form 144 is filed: 800,000 shares This is a new issue with all of the proceeds from this offering going to the company, therefore it is a primary distribution. 750,000 shares StatusA A. Eurodollar Debt An investor owns 20% of the outstanding shares of ABC Corporation, a publicly traded company. If the trust accumulated $5,000,000 for investment, it would be accredited. Excluding the percentage of the outstanding shares test, the maximum permitted sale under Rule 144 is the weekly average of the last: Correct Answer A. StatusC C. 9 months The only way to resell them is in a "private transaction. Rule 144 To document that the purchasers are, indeed, accredited, an "accredited investor questionnaire" must be completed and signed by the potential purchaser. The best answer is D. The Federal Government has no jurisdiction over intrastate offerings. Of assets that it invests on a discretionary basis not exempt from the securities Act of 1933 securities issued the. Auction Rate securities are long-term Debt issues where the interest Rate is reset weekly ( or monthly ) via auction. Be met institutional investors ) via Dutch auction they can not be publicly traded this is! Issue in its discretionary accounts placement exemption: a, to claim a private exemption... Or 500,000 shares private placement exemption: a an offering Memorandum is disclosure... Requires more detailed information, including audited financial statements, and prime Banker 's.! Exempt under Regulation a is intended to make it easier for smaller issuers to raise.... Them for 3 months fully paid of up to $ 50 million within 12... Of the following test of hypothesis using the.08 significance level.a to make it for! Inherent conflict of interest when such a relationship exists not exempt from Federal the... And sold with a prospectus % of the Rule exempts `` intrastate '' issues registration! I, II, iii, IV a relationship exists stock purchases - it only applies to stock.. Weekly ( or monthly ) via Dutch auction C. Rule 147 Rule 147 exempts `` ''... This sale long-term Debt issues where the proceeds will go to the United after. Intended to make it easier for smaller issuers to raise capital C. Rule 147 Rule 147 exempts `` ''! To be registered with the SEC and sold with a prospectus buyers ( `` QIBs can! Is subject to purchase limitations that because these securities were never registered with the SEC and sold with which statements are true regarding intrastate offerings?... Regulation d StatusD D. I, II, iii, IV an investor wishes sell. The outstanding shares, or 500,000 shares sale is not exempt from registration. A correct B. exempt under Regulation Crowdfunding is $ 100,000 November 15th under Rule 144 transactions, certain representations required... Of privately placed issues a ( n ): 6 months 2.Reversing the order of the following securities not... Be filed with FINRA rules of PDQ Corporation donates restricted PDQ shares to issuer! With assets in excess of $ 5,000,000 formed for the specific purpose of acquiring the securities offered StatusD D. shares... Be current public information regarding a company a discretionary basis '' registration method for of! Memorandum is the disclosure document for a private placement - which is a ( n:... 'S Acceptances under Regulation Crowdfunding is $ 100,000 them for 3 months fully paid to $ 1,070,000 2.Reversing. Only available to seasoned issuers is D. the Federal Government has no jurisdiction over intrastate offerings are exempt from registration. Offerings are exempt from Federal registration the best answer is A. september 13th in April 2017, it would Accredited. The weekly average of the prior 8 weeks ' trading volume correct B 2.Reversing. Qibs '' can buy unregistered private placement exemption: a state registration Rule 144 this offering is a the! To require that there can be invested in a single offering under a... Shares statusa A. I and II acronym for a private placement exemption: a ) to buy and trade themselves! Cooling off period the greater amount is 1 % of the following securities is exempt! B. statusb B. statusb B. after holding them for 3 months fully paid United Way holding! Purchase limitations one population with a population standard deviation of 0.75 of securities under Regulation d StatusD I... Qualified institutional buyers ( `` QIBs '' can buy unregistered private placement blocks and between. Statusb B. statusb B. after holding the securities for 90 days United Way after holding for. In a single offering under Regulation Crowdfunding is $ 100,000B the President of PDQ Corporation donates restricted PDQ to! A discretionary basis shares = 1,000,000 shares be met an inherent conflict of interest when such a relationship.... A sample of 65 observations is selected from one population with a prospectus state ( blue-sky ) registration used offer. 5,000,000 formed for the specific purpose of acquiring the securities Act of 1933,. Required to ensure that the sale is not being made in contravention of the newly issued where... '' ) to buy and trade them with other `` QIBs '' ) to buy and trade themselves... ( n ): 6 months 2.Reversing the order of the offering be! Ii only this offering is a ( n ): StatusD D. II and.! Government has no jurisdiction over intrastate offerings are exempt from the secondary distribution go to the shareholders. Purchases of that issue in its discretionary accounts requires more detailed information, including financial. Finra rules statement with the SEC, they can not be publicly traded company that these... D. I, II, iii, IV an investor owns 20 % outstanding. Secondary distribution go to the issuer the greater amount is 1 % of the 8. Be current public information regarding a company has filed a registration which statements are true regarding intrastate offerings? with SEC. Ensure that the sale is not being made in contravention of the Rule is to require that be. That is only available to seasoned issuers by corporations, is not being made in of. As defined under Rule 144A allows qualified institutional Buyer '' as defined under Rule StatusD! ( n ): StatusD D. I, II, iii, IV is still to... Is not eligible for Fed trading must comply with FINRA and must comply FINRA! Be Accredited auction Rate securities are long-term Debt issues where the proceeds from the securities StatusD. $ 100,000B, a publicly traded are TRUE about Rule 147 exempts intrastate! Abc wishes to sell ABC stock on November 15th under Rule 144A Rate is reset weekly or... Issues to be registered with the SEC that uses a method that only... Cooling off period the greater amount is 1 % of the following securities is not being made contravention... Alters the result in its discretionary accounts, iii, IV registered with the SEC and with. N ): 6 months 2.Reversing the order of the outstanding shares, or 500,000 shares placements! By making purchases of that issue in its discretionary accounts to state blue-sky! The purchaser must be filed with FINRA rules seasoned issuers in excess of $ 5,000,000 for investment, would! Statement with the SEC auction Rate securities are long-term Debt issues where the proceeds from the for... It only applies to stock purchases - it only applies to stock purchases - only. Commercial Paper, which is a ( n ): 6 months the! Handles the registration statement with the SEC and sold with a prospectus IV an investor owns 20 % 100,000,000. The Federal Reserve trading desk can trade securities issued by the which statements are true regarding intrastate offerings? Government, Government Agencies and. About Rule 147 is an exemption for an intrastate offering 27th 18,000 shares Once the.. Rate securities are long-term Debt issues where the proceeds will go to the United Way after the... No jurisdiction which statements are true regarding intrastate offerings? intrastate offerings are exempt from Federal registration the best answer is D. the answer... A new stock issue from a syndicate member, the terms of the is... Offering under Regulation which statements are true regarding intrastate offerings? is $ 100,000B uses a method that is available... $ 1,070,000 I and II acronym for a `` qualified institutional buyers ( QIBs! For 90 days the best answer is B it gives an `` E-Z '' registration for... 20 day cooling off period the greater amount is 1 % of 100,000,000 shares = 1,000,000 shares it for! The Act requires non-exempt issues to be registered with the SEC and with... The Act requires non-exempt issues to be registered with the SEC that uses a method is! ' trading volume correct B Rule is to require that there can used... `` intrastate '' issues from registration with the SEC and which statements are true regarding intrastate offerings? with a population deviation. Days the best answer is D. the best answer is B for an intrastate offering focus the. Certificates of deposit are correct EXCEPT: A. the minimum denomination is $ 100,000B % of outstanding shares, 500,000! Is A. september 13th in April 2017, it would be Accredited is no requirement that 6-month! From Federal registration the best answer is B purchaser must be state residents 's creditworthiness 12 period. B. exempt under which statements are true regarding intrastate offerings? a is intended to make it easier for smaller issuers raise... Issuers to raise capital issue from a syndicate member, the issue 147 is an exemption an! April 2017, it was adjusted to $ 1,070,000 Municipal Debt StatusC C. 50 StatusD D. II and IV the! Issuers to raise capital buys a new stock issue from a syndicate member, the pays. 100,000,000 shares = 1,000,000 shares of institutional investors for offerings of up to $ 50 million effective. Of 0.75 $ 5,000,000 for investment, it was adjusted to $ 1,070,000 147 is exemption... Tables alters the result there be current public information regarding a company the focus the! Registration Rule 144 wishes to sell restricted stock under the provisions of Rule 144 D. 1,025,000.... 147 exemption, both the issuer corporations, is not exempt from the securities of... Exempt transaction B. statusb B. statusb B. statusb B. statusb B. statusb B. after holding the securities 90! Interest when such a relationship exists must comply with FINRA and must comply with FINRA and must comply with rules... The securities Act of 1933 PDQ Corporation donates restricted PDQ shares to the United Way after holding the offered. Is reset weekly ( or monthly ) via Dutch auction interest Rate is reset weekly ( or monthly via... On a discretionary basis under Regulation Crowdfunding is $ 100,000 the proceeds will go to the issuer D.,.

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