Resales Under Rule 144A and Section "4(1½)"

This Note examines unregistered resales of eligible securities to qualified institutional buyers (QIBs) under Rule 144A of the Securities Act of 1933, as amended and resales among sophisticated investors under the so-called Section "4(1½)" exemption (also referred to as the Section "4(a)(1½)" exemption). It also discusses the Section 4(a)(7) exemption for resales of securities to accredited investors that satisfy certain conditions, which was added to the Securities Act by the Reforming Access for Investments in Startup Enterprises Act (RAISE Act), a part of the Fixing America’s Surface Transportation Act (FAST Act).

Practical Law Corporate & Securities


 

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