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6632. Limitations on Transactions in PORTAL Securities

(a) No member shall sell a PORTAL security unless:
(1) the sale is to:
(A) an investor or member that the member reasonably believes is a "qualified institutional buyer" in a transaction exempt from registration under the Securities Act by reason of compliance with Securities Act Rule 144A;
(B) an investor or member in a transaction that is exempt from registration under the Securities Act by reason of compliance with an applicable exemption under the Securities Act other than Securities Act Rule 144A; or
(C) a member acting as an agent in a transaction that the member acting as agent determines is in compliance with subparagraphs (A) or (B) hereof, and the selling member determines is exempt from registration under the Securities Act by reason of compliance with Securities Act Rule 144A or an applicable exemption under the Securities Act other than Securities Act Rule 144A; and
(2) the member maintains in its files information demonstrating that the transaction is in compliance with Securities Act Rule 144A or with any other applicable exemption from registration under the Securities Act.
Deleted by SR-FINRA-2010-003 eff. June 28, 2010.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Renumbered from Rule 5331 by SR-NASD-2005-087 eff. Aug. 1, 2006.

Selected Notice: 08-57.

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