Iowa Admin. Code r. 191-50.85

Current through Register Vol. 47, No. 10, November 13, 2024

Rule 191-50.85 - Internet offers exemption

Offers of securities made by, or on behalf of, issuers on or through the Internet are exempt from registration pursuant to Iowa Code sections 502301. and 502504. if:

1. The Internet offer states, directly or indirectly, that the securities are not being offered to state residents; and

2. The Internet offer is not specifically directed to any person in Iowa by, or on behalf of, the issuer of the securities; and

3. No sales of the issuer's securities are made in Iowa as a result of the Internet offering until such time as the securities being offered have been registered under Iowa Code sections 502301. and 502504., and a final prospectus or Form U-7 is delivered to Iowa investors prior to such sales, or the issuer qualifies for the exemption provided in Iowa Code section 502202(13)..

This rule is intended to implement Iowa Code section 502.203.

Iowa Admin. Code r. 191-50.85