New Guidelines for Private and Intrastate Securities Offerings: Securities and Exchange Commission Rules 146 and 147
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Authors
Erwin, Gregory DuBois
Issue Date
1974
Volume
7
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|On June 10, 1974, Securities and Exchange Commission [Commission Rule 146 became effective, in effect rewriting the book on private placements of securities. This followed closely on the heels of Commission Rule 147, which became effective on March 1, 1974, laying down definitive guidelines for intrastate offerings. Of the two, Rule 146 is by far the more significant, because it amounts to executive legislation, by creating an exemption which simply did not exist before. The new rule permits an unlimited number of offers to sell securities to be made under carefully controlled circumstances - something which was clearly prohibited under traditional judicial interpretations of the statutory private placement exemption...
Description
Citation
7 Creighton L. Rev. 455 (1973-1974)
Publisher
Creighton University School of Law