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• W95705917 abstract "I. INTRODUCTION What must an issuer who raises capital through the sale of securities to investors disclose to those investors in order to comply with the antifraud provisions of the federal securities laws? Take for example, the following seemingly simple hypothetical: Smith and Jones see a moneymaking opportunity. They plan to purchase blocks of houses at foreclosure and similar distress sales. Smith and Jones plan to rehabilitate the houses and make a large by reselling them. However, Smith and Jones lack the capital necessary to carry out their scheme. Therefore, they plan to raise capital by selling profit participations which will give investors a share of the profits on the project in return for their investment. Thus, Smith and Jones are selling securities in the form of investment contracts.2 What facts must Smith and Jones disclose to putative investors in their project in order to avoid running afoul of the antifraud provisions of the federal securities laws, especially Rule 10b-5 under the Securities Exchange Act of 1934 (Securities Exchange Act)?3 Some commentators suggest that the question is somewhat irrelevant because of the IMAGE FORMULA8registration provisions of the Securities Act of 1933 (Securities Act).4 For example, Alan Bromberg and Lewis Lowenfels, in their comprehensive treatise on securities and commodities fraud, state that company sales are generally governed by the [Securities Act] which has explicit disclosure requirements, e.g., SA (sec)(sec) 5, 7, 10(a), and related express liabilities, SA (sec)(sec)11, 12(2), so there is little occasion to invoke 10b-5.5 The suggestion by the two authors is, in many instances, correct. If Smith and Jones are required to register the sale of securities under the Securities Act, Smith and Jones will be compelled to make extensive disclosures to investors.6 Even if Smith and Jones seek to utilize some exemptions from registration, they still must make registration-type disclosures to investors. For example, if they utilize the exemption under section 4(2) of the Securities Act, they assure that all offerees have access to the type of information that would otherwise be provided in a registration statement.7 Similarly, if they avail themselves of the Regulation A exemption created by the Securities and Exchange Commission (SEC) under the authority granted to it in section 3(b) of the Securities Act,8 they have to furnish extensive disclosure to purchasers of the securities.9 Conversely, a number of registration exemptions do not require the issuer to furnish any information to investors as a condition precedent to perfection of the exemption. For example, the exemption created by Rule 504 under section 3(b) of the Securities Act does not require that issuers furnish investors with information about the securities they have purchased. Similarly, neither the statutory intrastate offering exemption, section 3(a)(11) of the Securities Act,10 nor the SEC safe harbor rule, Securities Act Rule 147,(11) require, as a condition of the exemption, that investors be provided with information about the issuer whose securities they are purchasing. Even though an offering of securities is exempt from registration, it is not exempt from the antifraud provisions of the federal securities laws,12 principally Rule 10b-5 under section 10(b) of the Securities Exchange Act of 1934.13 Thus, contrary to the statement by Bromberg and Lowenfels, the registration provisions of the Securities Act of 1933 do not always vitiate the utility of general securities antifraud provisions in the case of an issuer's sale of securities. This principle returns us to the issue of what disclosures must be made by issuers to investors under those provisions. Not surprisingly, the antifraud provisions mandate that the issuer of the securities disclose any facts which are necessary to ensure that other material disclosures previously IMAGE FORMULA11made are neither false nor misleading. …" @default.
• W95705917 created "2016-06-24" @default.
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• W95705917 date "2002-10-01" @default.
• W95705917 modified "2023-09-23" @default.
• W95705917 title "Issuers Raising Capital Directly from Investors: What Disclosure Does Rule 10b-5 Require?" @default.
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