Collins/Bay Island Securities LLC, §5.H; §12; Rule 109.5; Rule 139.22, 7/1/1902

Rule 109.3 [now Rule 109.5] exemption from registration as dealer available where company would solicit investments solely from financial institutions or other institutional investors described in former Rule 109.3 [now Rule 109.5], if such persons are acting for their own account or as bona fide trustees. No action recommended to require registration of company or its agents soliciting investments from family offices with assets in excess of $500 million.

The link address is: /committees/securities-law-committee/securities-law-committee-resources/no-action-letters/collins-bay-island-securities-llc-ss5-h-ss12-rule-109-5-rule-139-22-7-1-1902.pdf/@@download/file