Series 79: The Offering: “Part Of An Issue”

The Offering: “Part of an Issue”

To qualify under the intrastate offering exemption, the security must be “part of an issue offered and sold” only to residents of a single state or territory. Rule 147 explains that this “part of an issue” clause means that all the securities that are part of an offering—the entire offering, in other words—must meet the intrastate exemption requirements. The upshot of this requirement