(The SEC is also considering amending Rule 504(b)(1) to address issues related to Rule 504(b)(1)(iii) which provides an exemption from registration for offers and sales of securities that are conducted according to state law exemptions from registration that permit general solicitation and general advertising so long as sales are made only to accredited investors. Currently, securities sold without registration in reliance on Rule 504(b)(1)(iii) are not subject to limitations on resale established in Rule 502(d) and, as such, are not “restricted securities” for purposes of Rule 144. Due to increased occurrence of abusive practices involving Rule 504(b)(1)(iii) offerings, the SEC has requested comment on an amendment that would result in limited resale of securities sold in reliance on such provisions and would result in those securities being “restricted securities” for purposes of Rule 144. The SEC intends to revise Rule 504(b)(1) to provide that securities sold in a Rule 504(b)(1)(iii) transaction are “restricted securities,” but also amend Rule 144 to enable such securities to be resold after being held for 12 months without any restrictions. The SEC believes that these amendments would decrease abuse of Rule 504(b)(1)(iii) while keeping resale restrictions of the sold securities less stringent than under current Rule 144.)
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