SEC Adopts Revisions to Rules 144 and 145


On December 6, 2007, the Securities and Exchange Commission (“SEC”) issued its final rules (“New Rules”) that reduce restrictions on unregistered resales of securities into the public markets. The New Rules amend Rule 144 to relax a number of impediments to reselling both restricted and

control securities into the public market and codify a number of SEC staff interpretive positions related to tacking of holding periods. The New Rules also amend Rule 145 to eliminate most resale restrictions on shares acquired in registered business combination transactions.

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