Rule · SEC · 22 Mar 2011 · 2011-6830

CFR Correction to 17 CFR Part 230 Section 230.501

The Securities and Exchange Commission reinstates the Note to paragraph (e) of section 230.501 in Title 17 of the Code of Federal Regulations. The correction specifies that issuers must satisfy all other provisions of Regulation D for all purchasers, regardless of whether they are included in calculating the number of purchasers. It further clarifies that clients of an investment adviser or customers of a broker or dealer are considered purchasers under Regulation D irrespective of the discretion granted to the adviser or dealer.

US FederalSecurities and Exchange Commission

SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 230 General Rules and Regulations, Securities Act of 1933 CFR Correction In Title 17 of the Code of Federal Regulations, Parts 200 to 239, revised as of April 1, 2010, on page 686, in § 230.501, following paragraph (e)(3), reinstate the Note to paragraph (e) to read as follows:
§ 230.501 Definitions and terms used in Regulation D.

(e) * * *
NOTE: The issuer must satisfy all the other provisions of Regulation D for all purchasers whether or not they are included in calculating the number of purchasers. Clients of an investment adviser or customers of a broker or dealer shall be considered the ‘‘purchasers’’ under Regulation D regardless of the amount of discretion given to the investment adviser or broker or dealer to act on behalf of the client or customer.

[FR Doc. 2011–6830 Filed 3–21–11; 8:45 am] BILLING CODE 1505–01–D

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Amends

Regulation of 2010Not in RegAlert
“In Title 17 of the Code of Federal Regulations, Parts 200 to 239, revised as of April 1, 2010, on page 686, in § 230.501, following paragraph (e)(3), reinstate the Note to paragraph (e) to read as follows:”