Clean Up Rule 144A

On April 30, 1990, the Securities and Exchange Commission implemented Rule 144A, which it viewed as the first step toward achieving a more liquid and efficient institutional resale market for unregistered securities.1 The rule enabled less-than-investment grade companies to issue, without prior SEC review, both straight and convertible debt as well as preferred stock. All the parties involved in the

On April 30, 1990, the Securities and Exchange Commission implemented Rule 144A, which it viewed as “the first step toward achieving a more liquid and efficient institutional resale market for unregistered securities.”1 The rule enabled less-than-investment grade companies to issue, without prior SEC review, both straight and convertible debt as well as preferred stock. All the parties involved in the markets — investors, underwriters, issuers and regulators &m

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