SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 230

[Release No. 33Ä7035]

RIN 3235ÄAC65

Method of Determining Holding Period of Restricted Securities Under Rule 144;
Correction

AGENCY: Securities and Exchange Commission.

ACTION: Correcting amendment.

SUMMARY: This document contains a correction to final rules adopted in Release
No. 33Ä6862 (April 23, 1990), which were published in the Federal Register on
Monday, April 30, 1990 (55 FR 17933). The rules relate to the determination of
the holding period prior to sale of restricted securities pursuant to Rule
144.

EFFECTIVE DATE: December 21, 1993.

FOR FURTHER INFORMATION CONTACT: James R. Budge, Office of Disclosure Policy,
Division of Corporation Finance at (202) 272Ä2589.

SUPPLEMENTARY INFORMATION: In connection with the adoption of rules and
amendments relating to the resale of restricted securities, on April 23, 1990,
the Commission adopted amendments to Rule 144(d),1 which defines the holding
period for restricted securities.2 Because of inaccuracy in the amendatory
language within the adopting release, three paragraphs that were to be
retained in the final rule inadvertently were removed and do not now appear in
the Code of Federal Regulations. This correction restores paragraphs (2)(i),
(2)(ii) and (2)(iii) to paragraph (d) of Rule 144, to read as originally
intended.

®1¯ 17 CFR 230.144(d).

®2¯ See Release No. 33Ä6862.

List of Subjects in 17 CFR Part 230

Reporting and recordkeeping requirements, Securities.

PART 230 GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

Accordingly, 17 CFR part 230 is corrected by making the following correcting
amendments:

1. The authority citation for part 230 continues to read in part as follows:

Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77s, 77sss, 78c, 78l, 78m, 78n,
78o, 78w, 78ll(d), 79t, 80aÄ8, 80aÄ29, 80aÄ30, and 80aÄ37, unless otherwise
noted.

                                  * * * * *

2. In  230.144, add paragraphs (2)(i), (2)(ii), and (2)(iii) following the
colon in the introductory text of paragraph (d)(2), to read as follows:

 230.144 Persons deemed not to be engaged in a distribution and therefore not
underwriters.

Preliminary Note

                                  * * * * *

(d) * * *

(1) * * *

(2) Promissory notes, other obligations or installment contracts. * * *

(i) Provides for full recourse against the purchaser of the securities;

(ii) Is secured by collateral, other than the securities purchased, having a
fair market value at least equal to the purchase price of the securities
purchased; and

(iii) Shall have been discharged by payment in full prior to the sale of the
securities.

                                  * * * * *

Dated: December 15, 1993.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 93Ä31016 Filed 12Ä20Ä93; 8:45 am]

BILLING CODE 8010Ä01ÄP