Practice question
An issuer sells nonexempt securities to nineteen ordinary purchasers in the Philippines during twelve months. Assume all applicable exemption requirements and filings are satisfied and no aggregation problem exists. Which exemption is most directly relevant?
- Section 10.1(k)’s fewer-than-twenty-person transaction
- An automatic exemption for every public offer
- A rule that every share is government-issued
- An exemption solely because the issuer likes privacy
- No transaction exemption can exist
Legal references
- https://lawphil.net/statutes/repacts/ra2000/ra_8799_2000.html — RA 8799, sections 8–10 and 26
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