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. 12, March 20, 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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