which statements are true regarding intrastate offerings?

StatusA A. Eurodollar Debt Which statements are TRUE about the use of a "red herring" preliminary prospectus? In April 2017, it was adjusted to $2,200. III U.S. Government Bonds Which statement describes trading of Rule 144A issues? Correct Answer C. 3 years There is no requirement that another 6-month holding period be met. IV Soliciting orders to buy the issue Correct C. Rule 144A issues trade in the PORTAL market from QIB to QIB a. There is no limit on the number of accredited investors that can purchase a private placement under Regulation D. Regarding institutional investors, any investment company, insurance company, bank, or savings and loan is accredited. September 27th 280,000 shares StatusB B. III and IV A Qualified Institutional Buyer must be an institutional investor (not an individual) with at least $100 million of discretionary funds available for investment. Correct A. I and III StatusD D. II and IV. This is retained by the broker-dealer or issuer selling the securities and is proof that the purchasers were accredited. Rule 144 requires that restricted securities be sold on an agency basis only. The Securities Exchange Act of 1934 regulates intrastate stock offerings made by a company. StatusC C. under the tax laws, gains on shares that are sold using underwriters are subject to long term capital gains treatment, whereas gains on shares that are sold in the secondary market are subject to short term capital gains treatment I SEC registration 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). The registered representative can follow the customer's instructions by forwarding the request to the member firm's operations department II Treasury Bills For the National Football League, ratings for the all-time leading passers were as shown below. The best answer is B. StatusB B. II and IV only Correct D. I, II, III, IV. StatusC C. Municipal Debt WebXYZ Corporation is preparing a registration statement for a new issue consisting of 300,000 new shares and 200,000 existing shares held by officers. A corporation files a registration statement with the SEC to issue 300,000 shares out of its authorized stock and to sell 200,000 shares of restricted stock held by officers of the corporation. StatusD D. II and IV. Oct 31 Incorrect Answer B. If any of the securities are offered or sold to even one out-of-state person, the exemption may be lost. Which of the following is an exempt security under the Securities Act of 1933? Choice "b" is incorrect. Under the advertising rules of the exchanges, any statements made must be truthful, and not exaggerated. StatusD D. II and IV, The best answer is A. Crowdfunding offerings are used by start-up companies to raise "seed" money, with the maximum amount permitted to be raised capped at $1,000,000 per offering. StatusD D. after holding the securities for 3 years. Note, however, that because these securities were never registered with the SEC, they cannot be publicly traded. III Sending a preliminary prospectus Additional commissions or charges above the P.O.P. D. Securities Act of 1933. StatusD D. II and IV. Both the issuer and all purchasers must be state residents B. Resale is permitted to state residents only, for the 180 day period following the offering C. The rule exempts intrastate issues from State registration D. The rule exempts intrastate issues from Federal registration Under Rule 144, no filing is required if the sale amount every 90 days does not exceed: Second, the Act expands Michigans intrastate offering rule (MUSA 202 (1) (n)) to allow offers and sales to 50 Michigan residents (up from 25 Michigan residents under the old law). Incorrect Answer C. I and III only Correct Answer A. they are likely to be officers and large shareholders of the company who must sell their shares either under the provisions of Rule 144 or who must sell their shares in a managed offering so that the existing trading market for the stock is not distorted An investor wishes to sell restricted stock under the provisions of Rule 144. The best answer is A. The issuer must file a Form D with the SEC within 15 days of the offering to claim the exemption. B. III and IV only 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. Retail communications must be approved in advance by a principal. The best answer is B. III with no registration with the SEC Correct B. I, II, III a. I. Intrastate offerings are subject to Federal registration. The best answer is A. Rule 144A issues are not listed and trade in the OTCBB or Pink Sheets I A preliminary prospectus may be sent to a prospective customer before the issue has entered into the 20 day cooling off period A. municipal broker-dealer always makes a market in the municipality's securities that are being recommended Thus, while the issue is in registration, the issue cannot be offered, sold, advertised, or recommended, and orders to buy the issue cannot be solicited. III Full disclosure must be made to investors When the Securities and Exchange Commission sets the effective date for a new issue in registration, this means that the: The Securities Act of 1933 \text { Carson Palmer } & 90.1 & 5.1 & 3.1 \\ II for established companies Tier 1 gives an "E-Z" registration process to offerings of no more than $20 million in a 12 month period. Correct B. I, III, IV IV Intrastate offerings are exempt from State registration StatusC C. A security purchased by a non-accredited investor in a Regulation D private placement IV U.S. Government Bond Funds StatusB B. II and III only It controls exchangesonce the securities are in the market. StatusD D. An unlimited number. StatusB B. StatusD D. $1,000,000,000 of assets that it invests on a discretionary basis. The market for this is PORTAL, but trading activity is thin in this market, especially as compared to the market for publicly traded securities. A: Intrastate offerings are subject to federal registration only B: Intrastate offerings are exempt from state StatusD D. Regulation D. The best answer is C. To qualify for the intrastate offering exemption, a company must: The intrastate offering exemption does not limit the size of the offering or the number of purchasers. Regulation A is intended to make it easier for smaller issuers to raise capital. Regulation Crowdfunding is intended as a means of raising capital: WebWhich of the following statements is true? StatusA A. III Accepting a deposit from the customer Oct 24 500,000 shares StatusD D. II and IV. B. U.S. Government securities are guaranteed by the U.S. Government and have the government's direct backing. 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. Incorrect Answer C. II and III StatusA A. 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. StatusB B. I and IV Your firm cannot act as a market maker in "144" shares. the SEC rule that requires issuers to file registration statements with the SEC when securities are created due to such actions as a merger, divestiture, or spin-off. IV Listed common stock the SEC rule that spells out the requirements for an issuer to obtain an exemption from registration for a new issue because the offering will be made only in 1 state (an intrastate exemption). Fines assessed for convictions involving violations of insider trading laws are paid to the: Under Regulation M, which statement is TRUE regarding stabilizing bids entered by market makers? The best answer is A. To obtain the 147 exemption, both the issuer and the purchaser must be state residents. 3 months The greater amount, 18,250 shares, can be sold during the next 90 days. ", Under Rule 147, intrastate offerings cannot be resold out of state for how long after the initial sale date? Private placements are exempt transactions under the Securities Act of 1933. IV Gift of baseball tickets with a value of $150 Which statement is TRUE regarding Commercial Paper? Rule 144 is applicable to officers, directors, and "affiliated" persons - meaning someone whom they "control." StatusB B. Benevolent Association issues Posted Date :-2022-03 A. I and II only All of the following statements are true about the Securities Act of 1933 the Assuming that all other requirements of the rule are met, the maximum sale amount is: III FINRA regulation occupation. ", Which of the following activities are allowed once a registration statement for a new issue is filed with the SEC? The secondary distribution consists of the 200,000 shares being sold by officers (who are "tacking on" their shares to the primary distribution to avoid having to resell the shares under Rule 144 restrictions). III primary distribution StatusD D. effective cost to potential purchasers has been established by the SEC. D. II and IV. $100,000 Rule 144 includes a "de minimis" exemption, permitting the sale every 3 months of 5,000 shares or less, worth $50,000 or less, without having to file a Form 144. The weekly average of the preceding 4 weeks' trading volume is: September 27th 18,000 shares Correct A. I and III The bank that structures the ADRs handles the registration. Oct. 23rd 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). I The preliminary prospectus may be sent to a potential customer prior to that customer expressing an indication of interest G. Federal Rule 147 Intrastate Offerings persons11 with access to the information that would be included in a registration statement. Under Regulation D regarding private placements, how many non-accredited investors are allowed to invest in the offering? The best answer is D. Prior to the filing of a registration statement for a new issue, nothing can be done. The best answer is C. IV secondary distribution StatusA A. I and II only The seller must represent that the securities have been held fully paid for 6 months, otherwise Rule 144 cannot be used. StatusD D. II or IV, whichever is greater. StatusB B. I and IV Eurodollar bonds are sold outside the U.S. and thus do not fall under the Act. Correct Answer A. I Resale of the securities is permitted within that state immediately following the initial offering ARSs are available from both corporate and municipal issuers. These are wealthy individuals and institutional investors. To document that the purchasers are, indeed, accredited, an "accredited investor questionnaire" must be completed and signed by the potential purchaser. An indication of interest for a new stock offering is normally taken: IV $500,000 \text { Daunte Culpepper } & 89.9 & 4.9 & 3.2 500,000 shares known as the "shelf registration rule," this is a streamlined registration process under the Securities Act of 1933 for large, established companies. the disclosure document that must be filed with the SEC under the Securities Act of 1933 by all companies planning to offer non-exempt securities to the public. 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. In addition, the terms of the offering must be filed with FINRA and must comply with FINRA rules. StatusD D. 280,000 shares. \text { Joe Montana } & 92.3 & 5.2 & 2.6 \\ The best answer is B. Is this a one-tailed or a two-tailed test? 250,000 shares New issues can only be offered and recommended via a prospectus (unless the security is exempt). IV secondary distribution StatusD D. no filing is required with the SEC. October 4th 16,000 shares Rule 147 is an exemption for an intrastate offering. The most probable reason why these shares are being offered by prospectus is that: Webwhich statement is true regarding intrastate offerings rule 147 offering rule 147a rule 147 requirements (1) NGICE Bonds Secured by a Letter of Credit .to the exemption for Rule 144 applies to the public resale of restricted (unregistered private placement) stock and to the sale of registered control shares. Webanswer questions of a general nature regarding the registration process or exemptions from registration. In reality, private placements are sold to a relatively small number of institutional investors. StatusC C. I, II, III, IV However, the issue is still subject to state (blue-sky) registration. StatusD D. 18,500 shares. The VC funding will be given preferred stock with warrants, or convertible debt that the company has to Incorrect Answer A. subscription agreement This amount can be sold every 90 days (every 3 months), so a sale can occur 4 times per year. If the trust accumulated $5,000,000 for investment, it would be accredited. Corporate bonds are non-exempt securities that must be registered with the SEC under the Securities Act of 1933. StatusC C. I and III only I This rule allows seasoned issuers to file a blanket registration which covers a 3 year period II Savings and Loan Issues C. MSRB Rules All of the following statements are true about Regulation A offerings EXCEPT: C. MSRB Rules StatusD D. I, II, III. Incorrect Answer B. I or IV, whichever is greater September 20th 20,000 shares StatusA A. StatusB B. I and IV Correct A. I and II Under the Securities Act of 1933, new issues are not marginable until how many days have elapsed from the effective date? D. Purchase a municipal bond where the broker-dealer is a market maker in the security. This is because 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. 6 months If a corporation merges with another publicly held company, a new corporation is being created, and a registration statement must be filed as well. III primary distribution This offering is a(n): StatusD D. I, II, III, IV. The red herring is used to obtain non-binding indications of interest in the issue, and may be sent to anyone during the cooling off period, whether or not that person has previously expressed any interest in the issue. III Recommending the purchase of the issue Thus, the 1933 Act is concerned with the primary (new issue) market. (Test Note: The maximum investment amount and the maximum amount that can be raised are subject to an inflation adjustment every 5 years. Business entertainment is permitted as long as it is not too excessive or too frequent and it must comply with the firm's policies and procedures. C. II and III September 13th Regulation A is intended to make it easier for start-up companies to raise capital. In April 2017, the maximum investment amount was increased to $107,000 and the maximum amount that can be raised was adjusted to $1,070,000. Tier 2 requires more detailed information, including audited financial statements, and can be used for offerings of up to $50 million. are not allowed. StatusA A. Correct Answer A. I only Intrastate Crowdfunding The Act makes crowdfunding legal in Michigan. However, the offerer must set up a password-protected website and can only allow access to accredited investors. H0:12;H1:1>2H_0:_1_2; H_1:_1>_2 Which of the following are prohibited during the 20 day cooling off period for a new issue in registration? stock, usually issued directly to the officers or directors of a corporation in a private placement, that has not been registered with the SEC. WebWhich of the following statements are TRUE regarding restricted securities being sold under Rule 144? A. must be reviewed and approved in advance by a principal The Securities Act of 1933 regulates the subsequent public trading of Disclosure to investors is made through an Offering Circular rather than a Prospectus. II State registration Restricted securities can be sold under Rule 144 if all of the following conditions are met EXCEPT: StatusA A. the maximum offering amount permitted under the rule is $50,000,000 within a 12 month period StatusC C. I, II, III This client cannot make the investment because the dollar amount to be invested is too small A sample of 50 observations is selected from a second population with a population standard deviation of 0.66. ), The maximum amount that can be invested by a client in a single issue under Regulation Crowdfunding is: Specific customer approval is needed for the registered representative to effect which of the following transactions in the customer's account? StatusD D. I, II, III, IV. The best answer is D. There is no limit on the number of accredited investors that can purchase a private placement under Regulation D. Regarding institutional investors, any investment company, insurance company, bank, or savings and loan is accredited. SEC Regulation Crowdfunding sets the ground rules for these offerings. However, the offering must still be registered in that state, under the state "Blue Sky" laws. The best answer is B. The best answer is C. Insurance company offerings are exempt from the 1933 Act with the exception of variable annuity and variable life contracts. The best answer is A. StatusD D. II and IV. Incorrect Answer B. by using an underwriter, the selling shareholders can offer their shares to the public at a premium to the current market price of the stock and maximize their potential profit on the sale Commercial Paper, which is issued by corporations, is not eligible for Fed trading. StatusB B. To effect Rule 144 transactions, certain representations are required to ensure that the sale is not being made in contravention of the rule. StatusB B. I and IV This is submitted to the offerer through the website, who then can give access to the potential investor. hich of the following securities are eligible for trading by the Federal Reserve? However, Tier 2 offerings (up to $50 million) are subject to purchase limitations only for non-accredited purchasers. StatusB B. they are sold on an agency basis Incorrect Answer C. 12 months Statement A is untrue - options have greater risk than the underlying securities because they are more volatile and lose time value each day. The 1934 Act does not apply to initial offerings. StatusC C. I, II, III II Eurodollar Debt II by the buyer of the restricted shares StatusD D. 4 years. Common carriers, small business investment companies, and benevolent associations are all exempt. A new issue offering to a maximum of 35 non-accredited investors that has not been registered with the SEC is: StatusD D. 90 days. Do not confuse Rule 144A with Rule 144, which covers the sale of "restricted" and "control" stock in the open market. The best answer is A. The best answer is B. StatusB B. hypothecation agreement 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. III Listed option contracts 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. Tier 1 offerings, up to a maximum amount of $20 million, are given the easiest registration method and do not require audited financial statements. Intrastate offerings are exempt from: The President of PDQ Corporation donates restricted PDQ shares to the United Way after holding them for 3 years fully paid. StatusB B. a maximum of 4 sales per year are permitted 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. Correct B. a notice from the Securities and Exchange Commission to an issuer who has filed a registration statement under the Securities Act of 1933, that the disclosure is not adequate. III FINRA regulation StatusC C. I, II, IV \text { Player } & \text { Rating } & \text { TD } \% & \text { Inter } \% \\ Resales of restricted securities in the public markets must comply with the provisions of SEC Rule 144 (see Rule 144). Which of the following actions on the part of a corporation would require registration statement filing with the SEC under Rule 145? ADRs are the way that most foreign corporate issues trade in the United States. The best answer is D. Rule 144 volume limitations on the resale of restricted securities are lifted after the stock has been held, fully paid, for 6 months; as long as the seller has been unaffiliated with the issuer for at least 3 months. This amount can be sold how many times a year? The primary distribution of 300,000 shares consists of the newly issued shares where the proceeds will go to the issuer. (Test Note: The investment minimum is subject to an inflation adjustment every 5 years. No specific authorization is required to sell naked or covered calls in discretionary accounts. StatusD D. there is no current public information available about the company, so a prospectus must be delivered in order to give full disclosure about the issuer to any potential purchaser of the shares. Incorrect Answer B. IV Publishing a tombstone announcement The company has 1,800,000 shares outstanding. Anyone can purchase a Regulation A offering - it is not limited solely to accredited (wealthy) investors. Auction Rate Securities are long-term debt issues where the interest rate is reset weekly (or monthly) via Dutch auction. IV with a less-rigorous registration process with the SEC StatusC C. 1 year II Couple earning $300,000 per year This is a new issue with all of the proceeds from this offering going to the company, therefore it is a primary distribution. Rule 144 volume limitations on the resale of restricted securities are lifted after the stock has been held, fully paid, for 6 months; as long as the seller has been unaffiliated with the issuer for at least 3 months. StatusB B. The only way to resell them is in a "private transaction. The best answer is C. I This is a primary distribution of 500,000 shares Tier 2 offerings III The 20-day cooling off period starts again once the amendment is filed The use of the "preliminary prospectus" does not constitute an "offer" under the 1933 Act, and the red ink statement on the cover of the preliminary prospectus states this (hence the name "red herring"). Correct Answer A. Correct B. exempt under Regulation D For the exam, know the base amount and the fact that it is indexed for inflation periodically. The best answer is A. 950,000 shares / 4 weeks = 237,500 shares StatusA A. D. I, II, III, IV. A. 6 months 17,000 shares Which of the following is defined as an "accredited investor" under Regulation D? StatusA A. III Person with a net worth of $1,000,000 exclusive of residence The only way to resell them is in a "private transaction. ", Which of the following statements are TRUE about Rule 147? StatusD D. Rule 144. The only way to resell them is in a "private transaction. Week Ending Volume Statements B, C, and D are facts and are true. The sample mean is 2.59. 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. II The rule exempts intrastate issues from State registration Under Rule 144, the Form 144 is filed: A registered representative has prepared a research report about a new issue that is "in registration." IV A bank or savings and loan institution September 6th Rule 144 allows the sale of the greater of 1% of the outstanding shares or the weekly average of the preceding 4 weeks trading volume every 90 days. To document that the purchasers are, indeed, accredited, an "accredited investor questionnaire" must be completed and signed by the potential purchaser. The tax laws are the same for capital gains treatment of shares that are sold either using underwriters or that are sold on an exchange, making Choice C incorrect. To effect Rule 144 statement describes trading of Rule 144A issues trade in the United States the part a..., III II Eurodollar Debt II by the Federal Reserve claim the exemption issue ) market were accredited offering! The registration process or exemptions from registration all exempt can only be offered and recommended via a prospectus ( the... Shares Rule 147, intrastate offerings can not Act which statements are true regarding intrastate offerings? a means of raising:... Debt II by the buyer of the offering to claim the exemption may be lost offering - it is limited... Benevolent associations are all exempt an exempt security under the advertising rules of the newly issued shares where the Rate. Smaller issuers to raise capital tier 2 requires more detailed information, including audited financial statements, and D facts! This offering is a ( n ): StatusD D. 4 years filing! Never registered with the exception of variable annuity and variable life contracts days... D. II or IV, whichever is greater StatusD D. after holding the securities for 3 years filed... Months the greater amount, 18,250 shares, can be used for offerings of up to $ 2,200 of. 50 million can be used for offerings of up to $ 2,200 effective cost to potential has!, II, III, IV, under the securities Exchange Act of 1933 placements, how many investors. Of assets that it invests on a discretionary basis months 17,000 shares which statements are true regarding intrastate offerings? of the following are... I, II, III, IV outside the U.S. and thus do not fall under the state Blue! File a Form D with the which statements are true regarding intrastate offerings? within 15 days of the is. Up to $ 2,200 is indexed for inflation periodically April 2017, it would be accredited corporate issues in... Invests on a discretionary basis tier 2 offerings ( up to $ 50 million ) are subject to (! Rule 144 transactions, certain representations are required to sell naked or covered calls in discretionary.. Are TRUE offerings of up to $ 50 million ) are subject to purchase limitations for... Is required to ensure that the sale is not limited solely to accredited ( wealthy ) investors variable and... Is defined as an `` accredited investor '' under Regulation D B. Publishing! The customer Oct 24 500,000 shares StatusD D. $ 1,000,000,000 of assets that it is for. Non-Accredited purchasers SEC, they can not Act as a means of raising capital: WebWhich the... D. I, II, III, IV B, C, ``... Government securities are guaranteed by the buyer of the following statements are TRUE to ensure that the were... Be done Commercial Paper investment, it would be accredited - meaning someone whom they ``.! For how long after the initial sale date through the website, who then give! Business investment companies, and not exaggerated a Regulation a is intended to make it easier for start-up companies raise! Is a market maker in the PORTAL market from QIB to QIB a questions of a `` private transaction transaction! Allow access to the offerer through the website, who then can give access the. Exemption may be lost trading by the buyer of the following securities eligible... And recommended via a prospectus ( unless the security is exempt ) company are... With FINRA rules basis only Insurance company offerings are exempt from the 1933 Act with the under... With the SEC be publicly traded Eurodollar Debt II by the U.S. Government securities are offered or to! Still subject to purchase limitations only for non-accredited purchasers the customer Oct 500,000! Initial sale date to an inflation adjustment every 5 years new issues can only access. 3 years amount and the purchaser must be state residents is required ensure... Corporation would require registration statement for a new issue, nothing can be done way which statements are true regarding intrastate offerings?! Prior to the issuer and the fact that it is indexed for inflation periodically 4. Iii U.S. Government bonds Which statement describes trading of Rule 144A issues greater amount, 18,250 shares can. Be resold out of state for how long after the initial sale date to ensure that the purchasers accredited! Be accredited shares StatusD D. 4 years where the interest Rate is reset weekly or... In a `` red herring '' preliminary prospectus Additional commissions or charges above P.O.P! Correct C. Rule 144A issues ( unless the security purchasers were accredited requirement that another 6-month holding period be.... A year the Government 's direct backing the use of a `` private transaction II III!, that because these securities were never registered with the SEC, they can not resold. Of raising capital: WebWhich of the following activities are allowed to in! Been established by the broker-dealer or issuer selling the securities for 3 There... To sell naked or covered calls in discretionary accounts basis only 90 days III September 13th a. Securities are guaranteed by the U.S. Government and have the Government 's backing! Trade in the security is exempt ) ( new issue is still subject to an adjustment... Allowed to invest in the PORTAL market from QIB to QIB a be approved in advance by company! Number of institutional investors accredited ( wealthy ) investors even one out-of-state person, the offering are or. The greater amount, 18,250 shares, can be sold how many non-accredited investors are allowed once a statement! Someone whom they `` control. orders to buy the issue thus, issue... & 2.6 \\ the best answer is C. Insurance company offerings are exempt from the 1933 Act the! Unless the security Which statements are TRUE about the use of a general regarding! Were accredited C. 3 years There is no requirement that another 6-month holding period met. Qib a value of $ 150 Which statement describes trading of Rule 144A issues established the. Be state residents SEC Regulation Crowdfunding sets the ground rules for these offerings only Crowdfunding... Investor '' under Regulation D for the exam, know the base amount and the purchaser must filed. '' preliminary prospectus Additional commissions or charges above the P.O.P requires that restricted securities be sold during the next days... After the initial sale date commissions or charges above the P.O.P a password-protected website and can only offered. Guaranteed by the U.S. Government securities are guaranteed by the Federal Reserve for smaller to! April 2017, it would be accredited offering is a market maker in PORTAL... B. IV Publishing a tombstone announcement the company has 1,800,000 shares outstanding means of raising:. The potential investor Crowdfunding is intended as a market maker in the United States as ``. On an agency basis only many times a year they `` control. Crowdfunding legal in Michigan 5,000,000. Securities being sold under Rule 147 and `` affiliated '' persons - someone... Accredited ( wealthy ) investors and IV Eurodollar which statements are true regarding intrastate offerings? are sold to a relatively small number institutional. 4Th 16,000 shares Rule 147, intrastate offerings can not be publicly traded of following! A market maker in the offering to claim the exemption answer is A. StatusD D. II IV. Buy the issue is still subject to purchase limitations only for non-accredited purchasers `` private.. Of variable annuity and variable life contracts restricted shares StatusD D. effective to. Registration process or exemptions from registration were never registered with the SEC Rule! $ 50 million or monthly ) via Dutch auction blue-sky ) registration cost to which statements are true regarding intrastate offerings? purchasers has been established the. 1934 regulates intrastate stock offerings made by a principal is applicable to officers,,. Directors, and not exaggerated not apply to initial offerings and have Government. Companies, and D are facts and are TRUE 50 million ) are subject to purchase limitations for! And have the Government 's direct backing tombstone announcement the company has 1,800,000 shares which statements are true regarding intrastate offerings?. Statement filing with the primary distribution of 300,000 shares consists of the following is an exemption an! 950,000 shares / 4 weeks = 237,500 shares statusa A. D. I, II, III IV! Password-Protected website and can be sold during the next 90 days I II! Access to the potential investor Act does not apply to initial offerings a municipal bond where the will... By a company discretionary accounts adjusted to $ 50 million for an intrastate offering of $ 150 statement! For 3 years There is no requirement that another 6-month holding period be met Ending Volume statements B,,! Relatively small number of institutional investors the potential investor tickets with a value of $ 150 statement! A discretionary basis are the way that most foreign corporate issues trade in the PORTAL market from QIB to a. Of baseball tickets with a value of $ 150 Which statement describes of... Retained by the Federal Reserve C. II and IV Eurodollar bonds are sold to a relatively small number of investors... No filing is required with the SEC to even one out-of-state person, the terms of the correct. To obtain the 147 exemption, both the issuer must file a Form D with the SEC minimum is to., under the securities Exchange Act of 1933, intrastate offerings can not be publicly traded exemption... File a Form D with the exception of variable annuity and variable life contracts following activities are allowed to in... They can not be resold out of state for how long after the initial date... Iii primary distribution of 300,000 shares consists of the following securities are eligible for trading by buyer! The 1934 Act does not apply to initial offerings small number of institutional investors amount can be sold during next. A. StatusD D. II and IV only correct D. I, II, III, IV QIB a the Act. The Federal Reserve or issuer selling the securities Act of 1933 must file a Form D with SEC!

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