RSS

SEC Memo from Washington DC SEC counsel

20 Feb

Summary of U.S. Securities Laws Governing Reporting Public Companies and Their Officers, Directors and Significant Shareholders:

February 2008 SEC legal MEMO from Michael Paige

Advertisements
 
2 Comments

Posted by on February 20, 2008 in BLOG

 

Tags:

2 responses to “SEC Memo from Washington DC SEC counsel

  1. Robert Rhodes

    February 21, 2008 at 5:01 am

    From Michael Paige:

    Holding periods (for securities that are not initially issued by a "shell" company):

    Reporting Issuers [filing 10-K's, 10-Q's etc]

    Non-Affiliate: 1st 6 months -- No resales
    2nd 6 months -- Unlimited Resales as long as issuer has current public information on file
    After 1 year -- Unlimited Resales with no other requirements

    Affiliates: 1st 6 months -- No resales
    After 6 months -- Resales in accordance with all 144 requirements, current public info., volume limit, manner of sale, Form 144

    As to non-reporting companies, for non-affiliates no resales are permitted for first year and unlimited resales with no accompanying requirements thereafter; for affiliates no resales are permitted for first year and unlimited resales with all 144 requirements, current public info., volume limit, manner of sale, Form 144 thereafter

     
  2. Robert C. Rhodes

    February 20, 2008 at 10:38 am

    Thank you! This was very beneficial and helped clarify many new items that the SEC has issued. One question though was on the new 144 rule time frames – could you clarify that?

     

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: