SA Section 3(a)(9) Registration Exemption: Exchange Offers

Overview

Securities Act Section 3(a)(9) provides an exemption from registration for "a security exchanged in a case under title 11, any security exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange."

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Senior Counsel

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Securities Act and Rules

  • SA Section 3 (Classes of securities under this subchapter)
  • SA Section 3(a)(9) (Securities exchanged with existing shareholders where no commission or other remuneration is paid for solicitation of such exchange)
  • SA Rule 149 (Definition of "exchanged")
  • SA Rule 150 (Definition of "commission or other remuneration)

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