Source: http://federal.elaws.us/cfr/title17.part230.section230.251
Timestamp: 2020-08-14 08:46:19
Document Index: 103230448

Matched Legal Cases: ['§ 230', 'art 230', '§ 230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§230', '§200']

§ 230.251 Scope of exemption., Part 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933, CHAPTER II — SECURITIES AND EXCHANGE COMMISSION, Title 17 - Commodity and Securities Exchange, Code of Federal Regulations
§ 230.251 Scope of exemption.
(a) Tier 1 and Tier 2. A public offer or sale of eligible securities, as defined in Rule 261 (§230.261), pursuant to Regulation A shall be exempt under section 3(b) from the registration requirements of the Securities Act of 1933 (the “Securities Act”) (15 U.S.C. 77a et seq.).
(i) The issuer's first offering pursuant to Regulation A; or
(ii) Any subsequent Regulation A offering that is qualified within one year of the qualification date of the issuer's first offering.
(7) Has filed with the Commission all reports required to be filed, if any, pursuant to Rule 257 (§230.257) during the two years before the filing of the offering statement (or for such shorter period that the issuer was required to file such reports); and
(8) Is not disqualified under Rule 262 (§230.262).
(i) Registered under the Securities Act, except as provided in Rule 255(e) (§230.255(e));
(ii) Exempt from registration under Rule 701 (§230.701);
(iv) Exempt from registration under Regulation S (§§230.901 through 203.905);
(d) Offering conditions—(1) Offers. (i) Except as allowed by Rule 255 (§230.255), no offer of securities may be made unless an offering statement has been filed with the Commission.
(B) Written offers pursuant to Rule 254 (§230.254) may be made; and
(C) Solicitations of interest and other communications pursuant to Rule 255 (§230.255) may be made.
(2) Sales. (i) No sale of securities may be made:
(B) By issuers that are not currently required to file reports pursuant to Rule 257(b) (§230.257(b)), until a Preliminary Offering Circular is delivered at least 48 hours before the sale to any person that before qualification of the offering statement had indicated an interest in purchasing securities in the offering, including those persons that responded to an issuer's solicitation of interest materials; and
(C) In a Tier 2 offering of securities that are not listed on a registered national securities exchange upon qualification, unless the purchaser is either an accredited investor (as defined in Rule 501 (§230.501)) or the aggregate purchase price to be paid by the purchaser for the securities (including the actual or maximum estimated conversion, exercise, or exchange price for any underlying securities that have been qualified) is no more than ten percent (10%) of the greater of such purchaser's:
(1) Annual income or net worth if a natural person (with annual income and net worth for such natural person purchasers determined as provided in Rule 501 (§230.501)); or
(2) Revenue or net assets for such purchaser's most recently completed fiscal year end if a non-natural person.
(B) For continuous or delayed offerings pursuant to paragraph (d)(3) of this section, the 90 calendar day period for dealers shall commence on the day of the first bona fide offering of securities under such offering statement;
(D) No offering circular need be delivered by a dealer if the issuer is subject, immediately prior to the time of the filing of the offering statement, to the reporting requirements of Rule 257(b) (§230.257(b)); and
(E) The Final Offering Circular delivery requirements set forth in paragraph (d)(2)(ii) of this section may be satisfied by delivering a notice to the effect that the sale was made pursuant to a qualified offering statement that includes the uniform resource locator (“URL”), which, in the case of an electronic-only offering, must be an active hyperlink, where the Final Offering Circular, or the offering statement of which such Final Offering Circular is part, may be obtained on the Commission's Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) and contact information sufficient to notify a purchaser where a request for a Final Offering Circular can be sent and received in response.
(e) Confidential treatment. A request for confidential treatment may be made under Rule 406 (§230.406) for information required to be filed, and Rule 83 (§200.83) for information not required to be filed.
[80 FR 21895, Apr. 20, 2015, as amended at 84 FR 529, Jan. 31, 2019]
[80 FR 21895, Apr. 20, 2015, as amended at 84 FR 529, Jan. 31, 2019