New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 11 - SECURITIES
Part 13 - UNIFORM LIMITED OFFERING EXEMPTION
Section 12.11.13.10 - SUITABILITY

Universal Citation: 12 NM Admin Code 12.11.13.10

Current through Register Vol. 35, No. 18, September 24, 2024

The exemption provided for in this section is available for sales to non-accredited investors in this state provided that the issuer, and any person acting on the issuer's behalf, after having made reasonable inquiry, reasonably believes that one of the following conditions is satisfied:

A. the investment is suitable for the purchaser upon the basis of the facts, if any, disclosed by the purchaser as to his other security holdings and as to his financial situation and needs; for the purpose of this condition only, it may be presumed that, if the investment does not exceed ten percent of the investor's net worth, it is suitable; or

B. the purchaser either alone or with the purchaser's representative(s) has such knowledge and experience in financial and business matters that the purchaser is capable of evaluating the merits and risks of the prospective investment.

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