Regulatory Alerts2008-10-20
Compensatory Benefit Plan Exemption (LAC 10:XIII.801)
The Louisiana Commissioner of Financial Institutions promulgated LAC 10:XIII.801 to exempt specific securities and transactions from state registration requirements under the Louisiana Securities Law. The rule covers offers or sales by an issuer pursuant to written compensatory benefit plans, including purchase, savings, option, bonus, and pension arrangements, provided they satisfy the registration exemption criteria of Rule 230.701 under Section 28 of the Securities Act of 1933. Issuers must verify that these plan interests align with statutory delegation under R.S. 51:709(15) to successfully bypass the standard registration mandates of R.S. 51:705.
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