Administrative Code

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Virginia Administrative Code
Title 21. Securities And Retail Franchising
Agency 5. State Corporation Commission, Division of Securities And Retail Franchising
Chapter 40. Exempt Securities and Transactions

21VAC5-40-110. Internet offer transactional exemption.

In accordance with § 13.1-514 B 18 of the Act, an offer of a security communicated on the Internet, World Wide Web or similar proprietary or common carrier system (hereinafter "Internet Offer") is exempted from the securities, broker-dealer and agent registration requirements of the Act if all of the following conditions are satisfied:

1. The Internet Offer is communicated by or on behalf of the issuer of the security.

2. The Internet Offer indicates, directly or indirectly, that it is not directed specifically to this Commonwealth.

3. An offer is not otherwise directed specifically to this Commonwealth by or on behalf of the issuer of the security.

4. Any order or offer to buy or subscription for the security received from a person in this Commonwealth pursuant to the Internet Offer is rejected.

5. No sale pursuant to the Internet Offer is made in this Commonwealth until the security is registered under the Act, or the security or transaction is exempted by the Act or is otherwise not subject to registration under this Act.

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 13, Issue 25, eff. September 1, 1997.

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