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ARTICLE · 31 JANUARY 2008

New SEC Rules For Reselling Restricted Securities And Control Securities Effective February 15, 2008

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The SEC has relaxed some of its rules governing the resale of restricted securities and control securities. The SEC’s objective is to increase the liquidity of privately placed securities and decrease issuers’ cost of capital.

CanadaStrategy
Leslie McCallum
Leslie McCallum
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The SEC has relaxed some of its rules governing the resale of restricted securities and control securities.1 The SEC's objective is to increase the liquidity of privately placed securities and decrease issuers' cost of capital. The amendments to Rule 144 under the Securities Act of 1933 (i) shorten the holding periods for restricted securities of reporting issuers; and (ii) eliminate restrictions on the quantity of securities that non-affiliates may resell, the manner in which they may resell them, and the associated filing requirements. The amendments will take effect on February 15, 2008 and will apply to securities acquired before or after that date.

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