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Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Rule is a regulation enforced by the U.

Securities and Exchange Commission SEC that sets the conditions under which restricted , unregistered , and control securities can be sold or resold. Rule provides an exemption from registration requirements to sell the securities through public markets if a number of specific conditions are met.

The regulation applies to all types of sellers, in addition to issuers of securities, underwriters, and dealers. Rule regulates transactions dealing with restricted, unregistered, and control securities.

These type of securities are typically acquired over-the-counter OTC , through private sales, or constitute a controlling stake in an issuing company. Investors may acquire restricted securities through private placements or other stock benefit plans offered to a company's employees.

The SEC prohibits the resale of restricted, unregistered and control securities, unless they are registered with the SEC prior to their sale, or they are exempt from the registration requirements when five specific conditions are met.

Five conditions must be met for restricted, unregistered and control securities to be sold or resold. If the seller is not associated with the company that issued the shares and has owned the securities for more than one year, the seller does not have to meet any of the five conditions and can sell the securities without restrictions. Also, non-affiliated parties may sell their securities, if they held them for less than a year, but greater than six months, provided the current public information requirement is met.

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In addition, this amendment reduced certain other impediments to sales of restricted securities imposed by Rule , particularly with respect to restricted securities held by non-affiliates. With regard to the sale of restricted securities submitted by non-affiliates who have held securities for more than six months and less than 12 months for reporting companies and the sale of restricted securities by shareholders deemed to be affiliates of the issuer, we will continue to require legal opinions.

With regard to legend removal requests by non-affiliates who have held securities for more than 12 months for reporting or non-reporting issuers who have never been a shell company, based on advice of counsel and the new STA Guidelines, we no longer will require opinions.

Indeed, because the Release indicates that the removal of legends is solely at the discretion of the issuer see footnote 65 , we will accept, in lieu of a legal opinion, direction from the issuer to be executed by an authorized officer.