Section 203.011. Nonissuer transactions

The exemption contained in section 203(a) of the act (70 P. S. § 1-203(a)) shall be available for transactions in a security which are not directly or indirectly for the benefit of the issuer or an affiliate of the issuer of the subject security. By way of illustration, an offering of securities is indirectly for the benefit of the issuer if any portion of the proceeds of the transaction will be received indirectly by the issuer. A transaction that is part of a single plan of distribution which involves a distribution by an issuer of its securities to the public will not be deemed a nonissuer transaction for purposes of section 203(a) of the act (70 P. S. § 1-203(a)).

The provisions of this § 203.011 adopted May 10, 1974, effective May 11, 1974, 4 Pa.B. 916; transferred and renumbered from 64 Pa. Code § 203.011, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533. Immediately preceding text appears at serial page (324407).