Collective investment account . The Proposed Rule would draw a distinction between directing investments of one's own money and directing other people's money. A collective investment account would not include entities such as an investment club where the club members make decisions as a group or a family partnership. Personnel with respect to the securities department of a bank, insurance company, investment company, investment adviser, or collective investment account . Under the Proposed Rule, only those persons who supervise, or whose activities directly or indirectly involve or are related to the buying or selling of securities for a bank, savings and loan institution, insurance company, investment company, investment adviser, or collective investment account would be restricted persons.
Collective investment accounts with very limited ownership by restricted persons .
Issuer-directed share programs. The Proposed Rule would expand the exemption to reach employees and directors of an entity which is under common control with the issuer. The Proposed Rule also would eliminate the requirement for a three month lock-up for sales to restricted persons. Preconditions for sale. The current Interpretation requires that a member affirmatively demonstrate that it has not sold hot issues to restricted persons.