Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 7 - STATE SECURITIES BOARD
Chapter 139 - EXEMPTIONS BY RULE OR ORDER
Section 139.17 - Offers Disseminated Through the Internet
Universal Citation: 7 TX Admin Code ยง 139.17
Current through Reg. 49, No. 38; September 20, 2024
(a) An offer of securities not made from Texas is exempt from the securities and dealer registration requirements of The Securities Act when that offer is disseminated through the Internet and:
(1) the offer indicates, directly or
indirectly, that the securities are not being offered for sale to any person in
Texas;
(2) an offer is not
otherwise specifically directed to any person in Texas by, or on behalf of, the
issuer; and
(3) no sales of the
issuer's securities are made to any person in Texas as a result of the
offer.
(b) An offer of securities made from Texas is exempt from the securities registration requirements of The Securities Act, but not from the dealer registration requirements of The Securities Act, when that offer is disseminated through the Internet and:
(1) the offer indicates,
directly or indirectly, that the securities are not being offered for sale to
any person in Texas;
(2) an offer
is not otherwise specifically directed to any person in Texas by, or on behalf
of, the issuer; and
(3) no sales of
the issuer's securities are made to any person in Texas as a result of the
offer.
(c) Subsection (a)(1) or (b)(1) of this section is met by inclusion of any of the following statements, or a substantially similar one, in an offer disseminated through the Internet.
(1) "These securities are not
being offered or sold in Texas."
(2) "These securities are being offered and
sold in (fill in names of states other than Texas)."
(3) "This is neither a solicitation to buy
nor an offer to sell to persons in Texas."
Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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