PURPOSE: This rule prescribes the required amounts of and procedures for ensuring promoters’ investment participation.

Offerings of equity securities shall substantially comply, as determined by the commissioner by order or otherwise, with the North American Securities Administrator’s Association, Inc. Statement of Policy Regarding Promoters’ Investment as adopted September 3, 1987.

AUTHORITY: sections 409.306 and 409.413(a), RSMo (1986).* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Oct. 15, 1987, effective Jan. 29, 1988. *Original authority: 409.306, RSMo (1967), amended 1977 and 409.413, RSMo (1967).