<p>SEC Shortens Rule 144 Holding Periods and Loosens Restrictions on Resales of Privately Placed Securities</p>

SEC Shortens Rule 144 Holding Periods and Loosens Restrictions on Resales of Privately Placed Securities


By: Valerie Ford Jacob, Daniel J. Bursky, Stuart H. Gelfond, Michael A. Levitt, Paul D. Tropp, Vasiliki Tsaganos, Michael Schlitt, Edward Kim, Joseph Lee, Victoria Lloyd, Stephen Mok, Richard Steinwurtzel, Joshua Wechsler, Timothy Peterson, Karen Wiedemann, Sian Withey, Francois Hellot, Patrick Jais, Michael Hickman

The memorandum discusses recent amendments to Rule 144 adopted by the Securities & Exchange Commission.  Pursuant to these amendments, purchasers of debt and equity securities will be able to publicly resell these securities more quickly, and with fewer restrictions, than was previously allowed.  In particular, non-affiliates of reporting companies will be permitted to resell privately placed securities only six months after acquiring them, without compliance with most of Rule 144's requirements.

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