The disqualifying events cover eight classes of court and administrative orders that relate to a person’s or entity’s history of financial and securities fraud. The different events require different look-back periods from the date of the start of the securities offering. The disqualifying events include: Criminal Convictions — Any felony or misdemeanor in connection with the purchase or sale of a security, involving the making of any false filing with the Commission, or arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor of purchasers of securities. Court Injunctions and Restraining Orders — Any order, judgment or decree of any court of competent jurisdiction that restrains or enjoins a covered person from engaging or continuing to engage in any conduct or practice in connection with the purchase or sale of a security, involving the making of any false filings with the Commission, or arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor of purchasers of securities. Final Orders of Certain Regulators — Any final order of a state securities commission, state banking regulator, state insurance commission, federal banking regulator, the U.S. Commodity Futures Trading Commission, or the National Credit Union Administration that bars the covered person from association with any entity regulated by such commission, authority, agency, or officer; engaging in the business of securities, insurance or banking; engaging in savings association or credit union activities; or that constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct. Commission Disciplinary Orders — Any order of the Securities and Exchange Commission entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of 1934, or Section 203(e) or (f) of the Investment Advisers Act of 1940 that suspends or revokes the covered person’s registration as a broker, dealer, municipal securities dealer or investment adviser; places limitations on the activities, functions or operations of the covered person; or bars the covered person from being associated with any entity or participating in the offering of any penny stock. Certain Commission Cease-and-Desist Orders — Any order of the Securities and Exchange Commission that orders the covered person to cease and desist from committing or causing a violation of or future violation of anti-fraud provisions of the federal securities laws; or Section 5 of the Securities Act. Suspension of Expulsion from SRO Membership or Association with an SRO Member — Any suspension or expulsion from membership in, or suspension or bar from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act, constituting conduct inconsistent with just and equitable principals of trade. Stop Orders and Orders Suspending the Regulation A Exemption — Any participation in any registration statement or Regulation A offering statements filed with the Securities and Exchange Commission that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption. United States Postal Service False Representation Orders — Any United States Postal Service false representation order, or any temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.