N.Y. Comp. Codes R. & Regs. tit. 13 § 12.9

Current through Register Vol. 46, No. 45, November 2, 2024

Section 12.9 - Insider trading restrictions

(a) A person other than a natural person shall not be deemed in violation of section 1609(b) if such person shows that:

(1) the individuals making the investment decision on behalf of such person to purchase or sell any security described in section 1609(b) or to cause any such security to be purchased or sold by or on behalf of others did not know the material nonpublic information; and

(2) such person had implemented one or a combination of policies and procedures, reasonable under the circumstances, taking into consideration the nature of the person's business, to insure that individuals making investment decisions would not violate section 1609(b), which policies and procedures may include but are not limited to (i) those which restrict any purchase, sale and causing any purchase and sale of any such security or (ii) those which prevent such individuals from knowing such information

(b) The following transactions shall not be deemed violations of section 1609(b):

(1) purchase(s) of any security described in section 1609(b) by a securities broker or by another agent on behalf of the offeror; or

(2) sale(s) by any person of any security described in section 1609(b) to the offeror.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 12.9

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018