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236.01 A company planning to conduct an initial public offering proposes to include in its prospectus a representation that its captive broker-dealer would maintain a list of persons who wished to buy or sell the company’s securities. Although Section 4(4) would exempt the execution of such orders, the solicitation of customer orders is specifically excepted from Section 4(4). Since maintaining such a list would be a form of solicitation, registration would be required to prevent offers from violating Section 5. [Nov. 26, 2008]

This is a work of the U.S. Government

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