Securities and Exchange Commission: Revisions to Rules 144 and 145
GAO-08-376R: Dec 28, 2007
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) new rule on revisions to rules 144 and 145. GAO found that (1) the final rule makes amendments to rule 144 by shortening the required initial holding period for restricted securities of the Exchange Act, relaxing requirements for affiliate sales of equity and debt securities, codifying several staff interpretations relating to rule 144, and makes amendments to rule 145 to eliminate the presumptive underwriter provision except when the transaction involves a shell company to revise the resale provisions; and (2) SEC complied with the applicable requirements in promulgating the rule.