(a) An acquisition of a security or securities shall be exempt from K.S.A. 40-264 where:
- (1) The person acquiring the security or securities does not dispose of them within six months therefore, except by a gift of securities of the same class; and
- (2) the person acquiring the security or securities does not participate in acquisitions or in dispositions of securities of the same class having a total market value in excess of $3,000 for any six month period during which the acquisitions occur.
- (b) Each acquisition or disposition of securities by gift, where the total amount of the gifts does not exceed $3,000 in market value for any six month period, shall be exempt from K.S.A. 40-264 and may be excluded from the computations prescribed in paragraph (a)(2).
- (c) Each person exempted by section (a) or (b) of this regulation shall include in the first report filed after a transaction within the exemption, a statement showing the acquisitions and dispositions for each six month period and portion thereof, which has elapsed since the last filing.
(Authorized by K.S.A. 40-103, 40-271; implementing K.S.A. 40-264; effective Jan. 1, 1967; amended May 1, 1980; amended May 1, 1981; amended May 1, 1986.)