Kentucky Administrative Regulations
Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS
Chapter 10 - Securities
Section 808 KAR 10:370 - Securities offered on the Internet but not sold in Kentucky
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 292.410(1)(q)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 292.500(3) authorizes the commissioner to promulgate administrative regulations necessary to carry out the provisions of KRS Chapter 292. KRS 292.340 requires registration for a nonexempt security. KRS 292.410(1)(q) authorizes the commissioner to create exemptions from the registration requirements established in KRS 292.340. This administrative regulation establishes requirements for determining if the transmission of information via the Internet concerning a security offering requires registration pursuant to KRS 292.340.
Section 1. An attempt to offer or dispose of, or a solicitation of an offer to purchase, a security, or an interest in a security for value, made via the Internet, including a communication on a proprietary or "common carrier" electronic delivery system, the World Wide Web or the Internet, shall be considered an "offer" of a security under KRS Chapter 292.
Section 2. Registration shall not be required for a security that will be:
Section 3. A security offered by an issuer on the Internet shall be exempt from the registration requirements established in KRS 292.340 through 292.390 if:
Section 4. Reliance on the exemption from registration established under this administrative regulation shall not preclude an issuer from relying on another exemption available under KRS Chapter 292.
Section 5. Incorporation by Reference.
STATUTORY AUTHORITY: KRS 292.500(3)