Series 24: Actively Traded Securities

securities that have no Regulation M limits on aftermarket purchases by distribution participants during the securities’ offering. Frequently, these are follow-on offerings of securities that are already widely circulated, and therefore the prices of these securities are not easily manipulated. To qualify as an actively traded security, a security must have an ADTV of at least $1 million, and a public float of at least $150 million.