Firm Memoranda

SEC Proposes Amending Rule 144 and Rule 145 to Shorten the Holding Period Requirement for Affiliates and Non-affiliates

Date: 07/30/07

On June 22, 2007, the Securities and Exchange Commission ("SEC") proposed amending Rules 144 and 145 under the Securities Act of 1933 (the "Securities Act") to shorten the holding period required for restricted securities of reporting companies.  The proposed revisions are intended to increase the liquidity of privately sold securities and reduce companies' cost of capital without compromising investor protection.  The SEC is seeking comments on the proposal by September 4, 2007.  This memorandum contains a brief summary of Rule 144, Rule 145, and the proposed amendments thereto.

CGR_Memo - SEC Proposes Amending Rules 144 and 145.pdf (pdf | 46.27 KB )