Securities Act Section 4 Transaction Exemptions

Overview

Securities Act Section 4 provides for transactional exemptions from the Section 5 prospectus delivery requirement. This topic page is intended to provide jumping off links to more detailed topic pages as to each of the specific transactional exemptive provisions provided by Section 4.

See also the topic page on the Securities Act Section 3 exemptions for particular types of securities.

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Steven Lofchie
Contributor Organization 
Cadwalader, Wickersham & Taft LLP
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Partner
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Mark Highman
Contributor Organization 
Cadwalader, Wickersham & Taft LLP
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Senior Attorney

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SA Key Definitions

SA Transaction Exemptions

SA Rules Related to Exemptions for Transactions

  • SA Rule 135e (Offshore press conferences)
  • SA Rule 141 (Definition of "commission . . . not in excess of the usual and customer" fee in SA Section 2(11) for certain transactions)
  • SA Rule 142 (Definition of "participation" as using in SA Section 2(11) in relation to certain transactions)
  • SA Rule 144 (Persons deemed not be underwriters) | Topic Page
  • SA Rule 144A ((Private resales of securities to institutions)
  • SA Rule 145 (Reclassification of securities, mergers, consolidations and acquisitions of assets) | Topic Page
  • SA Rule 152 (Definition of "transactions by an issuer not involving any public offering" in SA Section 4(a)(2), for certain transactions)
  • SA Rule 163B (Exemption from SA Section 5 for certain communications to QIBs)
  • SA Rule 174 (Delivery of prospectus by dealers; exemptions under SA Section 4((a)(3))
  • SA Rule 215 (Definition of accredited investor)
  • Regulation A (Conditional Small Issues Exemption)
  • Regulation D (Rules Governing the Limited Offer)
  • Cross-Border Exemptions (Rights offerings, exchange offers and business combinations)
  • Regulation S (Rules Governing Offers and Sales Made Outside the United States)
  • Regulation CE (Coordinated Exemptions for Certain Issues of Securities Exempt Under State Law)