Securities Law
10/20/2009 2:55:31 PM EST
Federal Securities Act of 1933
This treatise, current through November 2009, has been revised and updated specifically to address developments affecting the applications of securities exemptions relating to government securities and to insurance and annuity contracts in Sections 3(a)(2) and 3(a)(8) of the Act respectively; and to exemptions provided for voluntary exchanges between issuers and security holders in Section 3(a)(9), and judicially or administratively approved exchanges in Section 3(a)(10) of the Act. The exemptions from registration provisions of the Federal Securities Act afforded by Section 3 of the Act, although ostensibly focused on particular securities have such risk characteristics that the protections of registration are deemed unnecessary, are in fact a hybrid collection of both securities and transaction exemptions, the latter being clearly illustrated by Sections 3(a)(9) and 3(a)(10). In all cases, the issuer claiming an exemption under Section 3 has the burden of proving its availability. Regulatory and case law developments addressed in this Release add further insight with which to address the applicable burden.
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