Law Blog Category: Section 3(a)(9)

What Is A Security? The Howey Test And Reves Test

Exemption to Broker-Dealer Registration Requirements for Officers, Directors and Key Employees

Understanding Section 3(a)(9) Exchanges and Conversions as Related to Convertible Promissory Notes

A Basic Overview of Rule 144

Overview of Recognized Exemptions From Section 5

The Securities Act of 1933 recognizes two broad types of exemptions to the registration requirements of Section 5, exempt securities and exempt transactions.
The Exempt securities are set forth in Sections 3(a)(1) – (8), (13) and (14) of the Securities Act. Exempt securities are continuously exempt from the registration requirements regardless of the nature of the transaction in which they may be offered, issued, sold or resold. Examples of exempt securities which may be publicly offered, issued, sold and resold by their issuers or any other person without registration include…