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Securities Act of 1933 Rule 144 Opinion

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Troutman Pepper

Resales Of Restricted And Control Securities Under Rule 144

Troutman Pepper on

By progressively shortening the Rule 144 holding period for resales of restricted securities, the Securities and Exchange Commission has enhanced such securities’ liquidity and reduced the overall cost of raising capital. The...more

Allen Matkins

Rule 144 Opinion Letters – Do They Protect Anyone?

Allen Matkins on

The Ninth Circuit Court of Appeals has previously suggested that scienter is not required under Section 5. SEC v. Phan, 500 F.3d 895, 905-06 (9th Cir. 2007). Yesterday, the Court addressed the issue directly. SEC v. CMKM...more

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