SIE practice questionmediumRegulation S
A U.S. issuer sells unregistered securities offshore to non-U.S. residents in compliance with Regulation S. Which activity would be prohibited?
- AComplying with waiting periods
- BSelling only to non-U.S. residents
- COffering to overseas institutions
- DOffering these same unregistered securities to U.S. residents during the Regulation S restricted period✓ Correct answer
Explanation
Why D — Offering these same unregistered securities to U.S. residents during the Regulation S restricted period
Reg S prohibits selling unregistered securities to U.S. persons during the restricted period. Sales to non-U.S. entities that comply with the regulations are permitted.
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