"Rule 504 of Regulation D provides an exemption from the Securities Act registration requirements for offerings up to $1 million in any 12-month period. Rule 504 is available only to the companies that do not report under the Exchange Act if certain conditions are met. The Commission amended Rule 504 in April 1999 to limit the circumstances where general solicitation is permitted in offerings under the rule and freely tradeable securities are issued.7 "
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