Securities Regulation Q&A - Exam Prep Forum

[somewhatwayward]

I know I can't be the only person who signed up for this class and is starting to freak out looking down the barrel of a quickly-approaching exam. I wanted to create a thread where we can ask and answer questions of each other.

My first question is about Rule 144A. I know only qualified institutional buyers (QIBs) can buy in a 144A transaction, but can non-QIBs (who are not affiliated with the issuer) sell to QIBs using 144A to exempt the transaction from registration? I think the answer is yes, but I wanted to check because the electronic market for 144A securities, PORTAL, can only be used by QIBs.

[weaselology]

Anyone other than an issuer may rely on 144A. The purchaser must be a QIB. PORTAL and other similar markets limit membership to QIBs so as to avoid the possibility of non-QIB buyers from transacting.

[mountaintime]

anyone have a good, CURRENT outline for Sec. Reg.?

[somewhatwayward]

I might have one by maybe December 15 which I would be willing to share if I actually get it done, LOL. I may end up just kinda reviewing my notes but I aspire to actually make an outline.