Report of the Use of the Rule 146 Exemption in Capital Formation

摘要

The purpose of this study has been to examine the general operation of Rule 146 in the capital formation process by focusing upon the characteristics of the issuers and offerings using the exemption and to examine the cost of capital generated by reliance on the rule. This study follows the general structure of similar examinations conducted by the Commission on Securities Act exemptions and related initiatives adopted to ease the regulatory burden on smaller issuers.