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The "FAST" Act: New Limited Private Resale Exemption
9 December 2015
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The Fixing America’s Surface Transportation Act, or the “FAST” Act, adds a new exemption from SEC registration that is intended to better allow for resales of company-issued securities in the private market by both employees and control persons.
The new Section 4(a)(7) exempts from registration a private resale of securities by persons other than an issuer or its subsidiary, provided that certain requirements are met related to the sale process.
Section 4(a)(7) does not replace the existing “Section 4(a)(1½)” exemption.
Securities acquired pursuant to a transaction exempt under Section 4(a)(7) will be “restricted securities” as defined in Rule 144 of the Securities Act.
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