Section 26-B254. DISQUALIFICATIONS

 

254.1 An issuer is not eligible for this exemption if, either before or as a result of the offering, an investment company, as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. § 80a-3), or an entity that would be an investment company but for the exclusions provided in Section 3 (c) of the Investment Company Act of 1940 (15 U.S.C. § 80a-3(c)), or subject to the reporting requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78m or 78o (d)), or a development stage company that either has no specific business plan or purpose or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person.

 

254.2Neither the issuer nor any of the officers, shareholders, employees or contractors referred to in this rulemaking would be disqualified from participating in an offering under Regulation A under the Securities Act of 1933, by virtue of 17 C.F.R. Section 230.262, as Section 230.262 may be amended from time to time.   

 

 

authority

Section 403 of the Securities Act of 2000 (Act), effective October 26, 2000 (D.C. Law 13-203, D.C. Official Code § 31-5604.03 (2012 Repl.)).

source

Final Rulemaking published at 61 DCR 11203 (October 24, 2014).