United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2007_register executive 2010-09-22 article Part III Rules and Regulations D09002ee1c8099691 D09002ee1c809978f United States Securities and Exchange Commission originator org United States Government Agency or Subagency Rule 144 under the Securities Act of 1933 creates a safe harbor for the sale of securities under the exemption set forth in Section 4(1) of the Securities Act. We are shortening the holding period requirement under Rule 144 for "restricted securities" of issuers that are subject to the reporting requirements of the Securities Exchange Act of 1934 to six months. Restricted securities of issuers that are not subject to the Exchange Act reporting requirements will continue to be subject to a one-year holding period prior to any public resale. The amendments also substantially reduce the restrictions applicable to the resale of securities by non-affiliates. In addition, the amendments simplify the Preliminary Note to Rule 144, amend the manner of sale requirements and eliminate them with respect to debt securities, amend the volume limitations for debt securities, increase the Form 144 filing thresholds, and codify several staff interpretive positions that relate to Rule 144. Finally, we are eliminating the presumptive underwriter provision in Securities Act Rule 145, except for transactions involving a shell company, and revising the resale requirements in Rule 145(d). We believe that the amendments will increase the liquidity of privately sold securities and decrease the cost of capital for all issuers without compromising investor protection. 72 FR 71546 https://www.govinfo.gov/app/details/FR-2007-12-17/07-6013 07-6013 fr17de07-15 RIN 3235-AH13 8011-01-P Release No. 33-8869 File No. S7-11-07 https://www.govinfo.gov/app/details/FR-2007-12-17/07-6013 https://www.govinfo.gov/content/pkg/FR-2007-12-17/html/07-6013.htm https://www.govinfo.gov/content/pkg/FR-2007-12-17/pdf/07-6013.pdf Advertising Reporting and Recordkeeping Requirements Securities 28 p. 71546 71573 72 FR 71546 Title 17 Part 230 17 CFR Part 230 Title 17 Part 239 17 CFR Part 239 RIN 3235-AH13 Revisions to Rules 144 and 145; Federal Register Vol. 72, Issue RULE 07-6013 III SECURITIES AND EXCHANGE COMMISSION 2008-02-15 2008-01-16 Release No. 33-8869 File No. S7-11-07 8011-01-P 07-6013 Final rule.

Rule 144 under the Securities Act of 1933 creates a safe harbor for the sale of securities under the exemption set forth in Section 4(1) of the Securities Act. We are shortening the holding period requirement under Rule 144 for "restricted securities" of issuers that are subject to the reporting requirements of the Securities Exchange Act of 1934 to six months. Restricted securities of issuers that are not subject to the Exchange Act reporting requirements will continue to be subject to a one-year holding period prior to any public resale. The amendments also substantially reduce the restrictions applicable to the resale of securities by non-affiliates. In addition, the amendments simplify the Preliminary Note to Rule 144, amend the manner of sale requirements and eliminate them with respect to debt securities, amend the volume limitations for debt securities, increase the Form 144 filing thresholds, and codify several staff interpretive positions that relate to Rule 144. Finally, we are eliminating the presumptive underwriter provision in Securities Act Rule 145, except for transactions involving a shell company, and revising the resale requirements in Rule 145(d). We believe that the amendments will increase the liquidity of privately sold securities and decrease the cost of capital for all issuers without compromising investor protection.

Effective Date: February 15, 2008. The revised holding periods and other amendments that we are adopting are applicable to securities acquired before or after February 15, 2008. Comment Date: Comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before January 16, 2008. Katherine Hsu or Raymond A. Be, Special Counsels in the Office of Rulemaking, Division of Corporation Finance, at (202) 551-3430, 100 F Street, NE., Washington, DC 20549. Advertising Reporting and Recordkeeping Requirements Securities Securities: Restricted securities; holding period for affiliates and non-affiliates, rule-comments@sec.gov FT.com http://www.regulations.gov http://www.sec.gov/comments/s7-11-07/s71107.shtml http://www.sec.gov/news/press/2007/2007-233.htm http://www.sec.gov/rules/final.shtml http://www.sec.gov/rules/proposed/s7797.shtml Vol. 72, no. 241 Office of the Federal Register, National Archives and Records Administration 2007-12-17 continuing daily deposited born digital 389 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2007-12-17 P0b002ee180953442 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr17de07 https://www.govinfo.gov/app/details/FR-2007-12-17 https://www.govinfo.gov/content/pkg/FR-2007-12-17/pdf/FR-2007-12-17.pdf https://www.govinfo.gov/content/pkg/FR-2007-12-17/xml/FR-2007-12-17.xml fdlp 71199 71573 DGPO 2010-09-22 2024-06-05 FR-2007-12-17 machine generated eng FR FR-2007-12-17 72 241