Series 7: 12.7.3. Intrastate Exemptions: Rule 147

Taken from our Series 7 Online Guide

12.7.3. Intrastate Exemptions: Rule 147

For businesses that conduct almost all of their business within one state, the Rule 147 intrastate exemption relieves them of registering with the SEC. To meet the requirements of this exemption, the business must have its principal place of doing business in the state and must satisfy at least one of the following requirements:

• 80% of revenues must come from within the st

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