7/26/2019 17 CFR 230 rule144

1/50

17 CFR 230.144 - Persons deemed not to be engaged in a distribution and therefore notunderwriters.

CFR

eCFR

Authorities (.!. Code"

Ru#ema$ing

%re&' net

) 230.144 Persons deemed not to be engaged in a distributionand therefore not underwriters.

Pre#iminar* +ote,

Certain basi %rini%#es are essentia# to an understanding of the registration reuirements in the!eurities At of 1/33 (the Ator the !eurities At" and the %ur%oses under#*ing Ru#e 144,

1. f an* %ersonse##s a non-eem%t seurit* to an* other %erson the sa#e must be registeredun#ess an eem%tion an be found for the transation.

2. !etion 4(1" of the !eurities At%ro&ides one suh eem%tion for a transation b* a %ersonother than an issuer underwriter or dea#er. herefore an understanding of the termunderwriter is im%ortant in determining whether or not the !etion 4(1" eem%tion fromregistration is a&ai#ab#e for the sa#e of the seurities.

he term underwriter is broad#* de5ned in !etion 2(a"(11" of the !eurities Atto mean an*%ersonwho has %urhased from an issuerwith a &iew to or o6ers or se##s for an issuerinonnetion with the distributionof an* seurit* or %artii%ates or has a diret or indiret%artii%ation in an* suh underta$ing or %artii%ates or has a %artii%ation in the diret orindiret underwriting of an* suh underta$ing. he inter%retation of this de5nition traditiona##*has foused on the words with a &iew to in the %hrase %urhased from an issuerwith a &iew to distribution. An in&estment ban$ing 5rm whih arranges with an issuerfor the %ub#i sa#e

of its seurities is #ear#* an underwriter under that setion. 8owe&er indi&idua# in&estors whoare not %rofessiona#s in the seurities business a#so ma* be underwriters if the* atas #in$s ina hain of transations through whih seurities mo&e from an issuerto the %ub#i.

!ine it is di9u#t to asertain the menta# stateof the %urhaser at the time of an auisition ofseurities %rior to and sine the ado%tion of Ru#e 144 subseuent ats and irumstanes ha&ebeen onsidered to determine whether the %urhaser too$ the seurities with a &iew todistribution at the time of the auisition. :m%hasis has been %#aed on fators suh as the#ength of time the %ersonhe#d the seurities and whether there has been an unforeseeab#ehange in irumstanes of the ho#der. :%eriene has shown howe&er that re#iane u%on suhfators a#one has #ed to unertaint* in the a%%#iation of the registration %ro&isions of the At.

he Commissionado%ted Ru#e 144 to estab#ish s%ei5 riteria for determining whether a %ersonis not engaged in a distribution. Ru#e 144 reates a safe harbor from the !etion 2(a"(11"de5nition of underwriter. A %ersonsatisf*ing the a%%#iab#e onditionsof the Ru#e 144 safeharbor is deemed not to be engaged in a distributionof the seurities and therefore not anunderwriterof the seurities for %ur%oses of !etion 2(a"(11". herefore suh a %ersonisdeemed not to be an underwriterwhen determining whether a sa#e is e#igib#e for the !etion 4(1"eem%tion for transations b* an* %ersonother than an issuer underwriter or dea#er. f a sa#eof seurities om%#ies with a## of the a%%#iab#e onditionsof Ru#e 144,

1. An* a9#iateor other %ersonwho se##s restrited seurities wi## be deemed not to be engagedin a distributionand therefore not an underwriterfor that transation;

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7/26/2019 17 CFR 230 rule144

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2. An* %ersonwho se##s restrited or other seurities on beha#f of an a9#iateof the issuerwi## bedeemed not to be engaged in a distributionand therefore not an underwriterfor that transation;and

3. he %urhaser in suh transation wi## reei&e seurities that are not restrited seurities.

Ru#e 144 is not an e#usi&e safe harbor. A %ersonwho does not meet a## of the a%%#iab#eonditionsof Ru#e 144 sti## ma* #aim an* other a&ai#ab#e eem%tion under the Atfor the sa#e ofthe seurities. he Ru#e 144 safe harbor is not a&ai#ab#e to an* %ersonwith res%et to an*

transation or seriesof transations that a#though in tehnia# om%#iane with Ru#e 144 is %artof a %#anor sheme to e&ade the registration reuirements of the At.

(a"

7/26/2019 17 CFR 230 rule144

3/50

(&iii" !eurities auired from the issuerin a transation sub>et to an eem%tion under setion4(?" (1? .!.C. 77d(?"" of the At.

(4" he term debt seurities means,

(i" An* seurit* other than an euit* seurit*as de5ned in ) 230.40?;

(ii" +on-%artii%ator* %referred sto$ whih is de5ned as non-on&ertib#e a%ita# sto$ theho#ders of whih are entit#ed to a %referene in %a*ment of di&idends and in distributionof assets

on #iuidation disso#ution or winding u% of the issuer but are not entit#ed to %artii%ate inresidua# earnings or assets of the issuer; and

(iii" Asset-ba$ed seurities as de5ned in ) 22/.1101of this ha%ter.

(b" Conditions to be met. !ub>et to %aragra%h (i" of this setion the fo##owing onditionsmustbe met,

(1" +on-a9#iates. (i" f the issuerof the seurities is and has been for a %eriod of at #east /0 da*simmediate#* before the sa#e sub>et to the re%orting reuirements of setion 13 or 1?(d" of the!eurities :hange At of 1/34 (the :hange At" an* %ersonwho is not an a9#iateof theissuerat the time of the sa#e and has not been an a9#iateduring the %reeding three monthswho se##s restrited seurities of the issuerfor his or her own aount sha## be deemed not to bean underwriterof those seurities within the meaning of setion 2(a"(11" of the Atif a## of theonditionsof %aragra%hs ("(1" and (d" of this setion are met. he reuirements of %aragra%h ("(1" of this setion sha## not a%%#* to restrited seurities so#d for the aount of a %ersonwho isnot an a9#iateof the issuerat the time of the sa#e and has not been an a9#iateduring the%reeding three months %ro&ided a %eriod of one *ear has e#a%sed sine the #ater of the datethe seurities were auired from the issueror from an a9#iateof the issuer.

(ii" f the issuerof the seurities is not or has not been for a %eriod of at #east /0 da*simmediate#* before the sa#e sub>et to the re%orting reuirements of setion 13 or 1?(d" of the:hange At an* %ersonwho is not an a9#iateof the issuerat the time of the sa#e and has notbeen an a9#iateduring the %reeding three months who se##s restrited seurities of the issuer

for his or her own aount sha## be deemed not to be an underwriterof those seurities withinthe meaning of setion 2(a"(11" of the Atif the ondition of %aragra%h (d" of this setion is met.

(2" A9#iates or %ersons se##ing on beha#f of a9#iates. An* a9#iateof the issuer or an* %ersonwho was an a9#iateat an* time during the /0 da*s immediate#* before the sa#e who se##srestrited seurities or an* %ersonwho se##s restrited or an* other seurities for the aount ofan a9#iateof the issuerof suh seurities or an* %ersonwho se##s restrited or an* otherseurities for the aount of a %ersonwho was an a9#iateat an* time during the /0 da*simmediate#* before the sa#e sha## be deemed not to be an underwriterof those seurities withinthe meaning of setion 2(a"(11" of the Atif a## of the onditionsof this setion are met.

(" Current %ub#i information. Adeuate urrent %ub#i information with res%et to the issuerof

the seurities must be a&ai#ab#e. !uh information wi## be deemed to be a&ai#ab#e on#* if thea%%#iab#e ondition set forth in this %aragra%h is met,

(1" Re%orting issuers. he issueris and has been for a %eriod of at #east /0 da*s immediate#*before the sa#e sub>et to the re%orting reuirements of setion 13 or 1?(d" of the :hange Atand has,

(i" Fi#ed a## reuired re%orts under setion 13 or 1?(d" of the :hange At as a%%#iab#e duringthe 12 months %reeding suh sa#e (or for suh shorter %eriod that the issuerwas reuired to 5#esuh re%orts" other than Form @- re%orts () 24/.30@of this ha%ter"; and

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7/26/2019 17 CFR 230 rule144

4/50

(ii" !ubmitted e#etronia##* and %osted on its or%orate Beb site if an* e&er* nterati&e et to the re%orting reuirements of setion 13or 1?(d" of the :hange At there is %ub#i#* a&ai#ab#e the information onerning the issuers%ei5ed in %aragra%hs (a"(?"(i" to (i&" in#usi&e and %aragra%h (a"(?"(&i" of ) 240.1?2-11of

this ha%ter or if the issueris an insurane om%an* the information s%ei5ed in setion 12(g"(2"("(i" of the :hange At(1? .!.C. 7@#(g"(2"("(i"".

+ote to ) 230.144(",

Bith res%et to %aragra%h ("(1" the %ersonan re#* u%on,

1. A statement in whihe&er is the most reent re%ort uarter#* or annua# reuired to be 5#edand 5#ed b* the issuerthat suh issuerhas,

a. Fi#ed a## re%orts reuired under setion 13 or 1?(d" of the :hange At as a%%#iab#e duringthe %reeding 12 months (or for suh shorter %eriod that the issuerwas reuired to 5#e suhre%orts" other than Form @- re%orts () 24/.30@of this ha%ter" and has been sub>et to suh

5#ing reuirements for the %ast /0 da*s; and

b. !ubmitted e#etronia##* and %osted on its or%orate Beb site if an* e&er* nterati&e et to the re%orting reuirements of setion 13 or 1?(d" of the:hange At a minimum of si months must e#a%se between the #ater of the date of theauisition of the seurities from the issuer or from an a9#iateof the issuer and an* resa#e ofsuh seurities in re#iane on this setion for the aount of either the auiror or an*subseuent ho#der of those seurities.

(ii" f the issuerof the seurities is not or has not been for a %eriod of at #east /0 da*simmediate#* before the sa#e sub>et to the re%orting reuirements of setion 13 or 1?(d" of the

:hange At a minimum of one *ear must e#a%se between the #ater of the date of theauisition of the seurities from the issuer or from an a9#iateof the issuer and an* resa#e ofsuh seurities in re#iane on this setion for the aount of either the auiror or an*subseuent ho#der of those seurities.

(iii" f the auiror ta$es the seurities b* %urhase the ho#ding %eriod sha## not begin unti# thefu## %urhase %rie or other onsideration is %aid or gi&en b* the %ersonauiring the seuritiesfrom the issueror from an a9#iateof the issuer.

(2" Promissor* notes other ob#igations or insta##ment ontrats. i&ing the issueror a9#iateofthe issuerfrom whom the seurities were %urhased a %romissor* note or other ob#igation to %a*

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7/26/2019 17 CFR 230 rule144

5/50

the %urhase %rie or entering into an insta##ment %urhase ontrat with suh se##er sha## notbe deemed fu## %a*ment of the %urhase %rie un#ess the %romissor* note ob#igation or ontrat,

(i" Pro&ides for fu## reourse against the %urhaser of the seurities;

(ii" s seured b* o##atera# other than the seurities %urhased ha&ing a fair mar$et &a#ue at#east eua# to the %urhase %rie of the seurities %urhased; and

(iii" !ha## ha&e been disharged b* %a*ment in fu## %rior to the sa#e of the seurities.

(3" et on#* to onditionsother thanthe %a*ment of further onsideration for suh seurities. An agreement entered into inonnetion with an* suh %urhase to remain in the em%#o*ment of or not to om%ete with theissueror a9#iateor the rendering of ser&ies %ursuant to suh agreement sha## not be deemed tobe the %a*ment of further onsideration for suh seurities.

(i&" P#edged seurities. !eurities whih are bona-5de %#edged b* an a9#iateof the issuerwhen

so#d b* the %#edgee or b* a %urhaser after a defau#t in the ob#igation seured b* the %#edgesha## be deemed to ha&e been auired when the* were auired b* the %#edgor ee%t that ifthe seurities were %#edged without reourse the* sha## be deemed to ha&e been auired b* the%#edgee at the time of the %#edge or b* the %urhaser at the time of %urhase.

(&" ifts of seurities. !eurities auired from an a9#iateof the issuerb* gift sha## be deemed toha&e been auired b* the donee when the* were auired b* the donor.

(&i" rusts. Bhere a trust sett#or is an a9#iateof the issuer seurities auired from the sett#or b*the trust or auired from the trust b* the bene5iaries thereof sha## be deemed to ha&e beenauired when suh seurities were auired b* the sett#or.

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7/26/2019 17 CFR 230 rule144

6/50

(&ii" :states. Bhere a deeased %ersonwas an a9#iateof the issuer seurities he#d b* the estateof suh %ersonor auired from suh estate b* the estate bene5iaries sha## be deemed to ha&ebeen auired when the* were auired b* the deeased %erson ee%t that no ho#ding %eriod isreuired if the estate is not an a9#iateof the issueror if the seurities are so#d b* a bene5iar*of the estate who is not suh an a9#iate.

+ote to ) 230.144/d"(3"(&i"",

Bhi#e there is no ho#ding %eriod or amount#imitation for estates and estate bene5iaries whih

are not a9#iates of the issuer %aragra%hs (" and (h" of this setion a%%#* to seurities so#d b*suh %ersons in re#iane u%on this setion.

(&iii" Ru#e 14?(a" transations. he ho#ding %eriod for seurities auired in a transations%ei5ed in ) 230.14?(a"sha## be deemed to ommene on the date the seurities were auiredb* the %urhaser in suh transation ee%t as otherwise %ro&ided in %aragra%hs (d"(3"(ii" and(i" of this setion.

(i" 8o#ding om%an* formations. !eurities auired from the issuerin a transation e6etedso#e#* for the %ur%ose of forming a ho#ding om%an* sha## be deemed to ha&e been auired atthe same time as the seurities of the %redeessorissuerehanged in the ho#ding om%an*formation where,

(A" he new#* formed ho#ding om%an*Ds seurities were issued so#e#* in ehange for theseurities of the %redeessorom%an* as %art of a reorgani=ation of the %redeessorom%an*into a ho#ding om%an* struture;

(E" 8o#ders reei&ed seurities of the same #ass e&idening the same %ro%ortiona# interest in theho#ding om%an* as the* he#d in the %redeessor and the rights and interests of the ho#ders ofsuh seurities are substantia##* the same as those the* %ossessed as ho#ders of the %redeessorom%an*Ds seurities; and

(C" mmediate#* fo##owing the transation the ho#ding om%an* has no signi5ant assets otherthan seurities of the %redeessorom%an* and its eisting subsidiaries and has substantia##*

the same assets and #iabi#ities on a onso#idated basis as the %redeessorom%an* had beforethe transation.

(" Cash#ess eerise of o%tions and warrants. f the seurities so#d were auired from the issuerso#e#* u%on ash#ess eerise of o%tions or warrants issued b* the issuer the new#* auiredseurities sha## be deemed to ha&e been auired at the same time as the eerised o%tions orwarrants e&en if the o%tions or warrants eerised origina##* did not %ro&ide for ash#ess eeriseb* their terms.

+ote 1 to ) 230.144(d"(3"(",

f the o%tions or warrants origina##* did not %ro&ide for ash#ess eerise b* their terms and the

ho#der %ro&ided onsideration other than so#e#* seurities of the same issuer in onnetion withthe amendment of the o%tions or warrants to %ermit ash#ess eerise then the new#* auiredseurities sha## be deemed to ha&e been auired at the same time as suh amendment to theo%tions or warrants so #ong as the eerise itse#f was ash#ess.

+ote 2 to ) 230.144(d"(3"(",

f the o%tions or warrants are not %urhased for ash or %ro%ert* and do not reate an*in&estment ris$ to the ho#der as in the ase of em%#o*eesto$ o%tions the new#* auiredseurities sha## be deemed to ha&e been auired at the time the o%tions or warrants areeerised so #ong as the fu## %urhase %rie or other onsideration for the new#* auired

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7/26/2019 17 CFR 230 rule144

7/50

seurities has been %aid or gi&en b* the %ersonauiring the seurities from the issueror froman a9#iateof the issuerat the time of eerise.

(e" imitation on amount of seurities so#d. :e%t as hereinafter %ro&ided the amountofseurities so#d for the aount of an a9#iateof the issuerin re#iane u%on this setion sha## bedetermined as fo##ows,

(1" f an* seurities are so#d for the aount of an a9#iateof the issuer regard#ess of whetherthose seurities are restrited the amountof seurities so#d together with a## sa#es of seurities

of the same #ass so#d for the aount of suh %ersonwithin the %reeding three months sha##not eeed the greatest of,

(i" Gne %erent of the shares or other units of the #ass outstanding as shown b* the most reentre%ort or statement %ub#ished b* the issuer or

(ii" he a&erage wee$#* re%orted &o#ume of trading in suh seurities on a## nationa# seuritiesehanges andHor re%orted through the automated uotation s*stem of a registered seuritiesassoiation during the four a#endar wee$s %reeding the 5#ing of notie reuired b* %aragra%h(h" or if no suh notie is reuired the date of reei%t of the order to eeute the transation b*the bro$er or the date of eeution of the transation diret#* with a mar$et ma$er or

(iii" he a&erage wee$#* &o#ume of trading in suh seurities re%orted %ursuant to an e6eti&etransation re%orting %#an or an e6eti&e nationa# mar$et s*stem %#an as those terms are de5nedin ) 242.I00of this ha%ter during the four-wee$ %eriod s%ei5ed in %aragra%h (e"(1"(ii" of thissetion.

(2" f the seurities so#d are debt seurities then the amountof debt seuritiesso#d for theaount of an a9#iateof the issuer regard#ess of whether those seurities are restrited sha##not eeed the greater of the #imitation set forth in %aragra%h (e"(1" of this setion or togetherwith a## sa#es of seurities of the same tranhe (or #ass when the seurities are non-%artii%ator*%referred sto$" so#d for the aount of suh %ersonwithin the %reeding three months ten%erent of the %rini%a# amountof the tranhe (or #ass when the seurities are non-%artii%ator*%referred sto$" attributab#e to the seurities so#d.

(3" et to the re%orting reuirements of setion 13 or1?(d" of the :hange At" after a defau#t in the ob#igation seured b* the %#edge and theamountof seurities so#d during the same three-month %eriod for the aount of the %#edgorsha## not eeed in the aggregate the amounts%ei5ed in %aragra%h (e"(1" or (2" of this setionwhihe&er is a%%#iab#e;

+ote to ) 230.144(e"(3"(ii",

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