A little more info on Reg s which was not described in the document. ! year holds don't apply if you are not a U.S. person and can sell anywhere else immeadiately. Guess they assumed people knew about Reg S.
Paraphrased rules and restrictions of Regulation S securities. **
1. Persons outside of the U.S. can immediately trade in said securities, pursuant to Rule 904 Safe Harbor Offshore transaction, as long as they do not trade with U.S. citizens over U.S. markets. 2. There is a one-year "Distribution Compliance Period" restriction from trading the Regulation S shares on U.S. markets with U.S. citizens, following the issue date of the security.
3. At the conclusion of the Distribution Compliance Period, the restrictive legend is removed from the shares in question. Once completed, the security may be traded on the U.S. markets by and with U.S. citizens.
4. Press releases and news on Regulation S securities may be issued or publicized into the United States provided:
A. That the information is directed to offshore press conferences, press releases and meetings with company press spokespersons in which an offshore offering or tender offer is discussed.
B. The information is made available to the foreign and United States press generally and not intended to induce purchases of securities by persons in the United States or tenders of securities by United States holders in the case of exchange offers.
5. The provisions of this Regulation S shall not apply to offers and sales of securities issued by:
A. Open-end investment companies or unit investment trusts registered or required to be registered or
B. Unregistered closed-end investment companies that are required to be registered under the Investment Company Act of 1940 (the 1940 Act).
**Please note that this is a partial highlight list only; contact your securities attorney for full details.
Regulation-S Primer adapted from
www.SuccessioBrokers.com
AI
