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TITLE 7BANKING AND SECURITIES
PART 7STATE SECURITIES BOARD
CHAPTER 139EXEMPTIONS BY RULE OR ORDER
RULE §139.26Intrastate Crowdfunding Exemption for SEC Rule 147A Offerings

    (A) the party subject to the disqualification is licensed or registered to conduct securities-related business in the state in which the order, judgment, or decree creating the disqualification was entered against such party;

    (B) before the first offer under this exemption, the state securities administrator, or the court or regulatory authority that entered the order, judgment, or decree, waives the disqualification; or

    (C) the issuer establishes it did not know and exercising reasonable care, based on a factual inquiry, could not have known that a disqualification existed under this subsection.

  (4) This exemption is not available to an issuer if:

    (A) a control person of the issuer is also a control person of another issuer that has made a securities offering in Texas within the previous 12-month period;

    (B) a control person of the issuer is also a control person of another issuer that is concurrently conducting a securities offering in Texas; or

    (C) the proceeds of the offering will be combined with the proceeds of a securities offering by another issuer as part of a single plan of financing.


Source Note: The provisions of this §139.26 adopted to be effective June 12, 2018, 43 TexReg 3782

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