New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter I - GENERAL PROVISIONS
Part 8 - Insider Trading Of Insurance Securities
Section 8.3 - Exemption of certain dispositions effected in connection with an exchange offer
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 8.3
Current through Register Vol. 46, No. 39, September 25, 2024
(a) For the purpose of subsection (b) of section 1221, and subject to the provisions of subdivision (b) of this section:
(1) the
disposition of stock acquired though the exercise of a stock option, by means
of an exchange offer made to all stockholders generally, shall not be the sale
of such stock; and
(2) the
acquisition of stock pursuant to the exercise of a stock option shall not be a
purchase which may be matched with any stock theretofore or thereafter disposed
of by the acceptance of such exchange offer.
(b) The exemptions conferred by subdivision (a) shall apply only if the following conditions are met:
(1) the plan under which the option is
granted and exercised was approved by the superintendent pursuant to section
1207;
(2) the disposition of such
stock is made in exchange for stock or other securities; and
(3) the exchange offer is made in compliance
with all applicable provisions of the Insurance Law, and rules and regulations
promulgated thereunder.
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