PURPOSE: This rule prescribes policies applicable to the exemption of certain commercial paper.

1. (1) The commercial paper exempted by section 409.402(a)(10) of the Missouri Uniform Securities Act (the Act) applies to notes, drafts, bills of exchange and similar securities which are offered in commercial transactions through broker-dealers, banks and other financial institutions purchasing paper for their own account or for the accounts of their customers. The exemption is not available for the unregistered offering of promissory or collateral trust notes or similar evidences of debt of any issuer directed to the public through public advertising or by means of solicitations directed to the issuer’s customers.

AUTHORITY: sections 409.402(a)(10) and 409.413(a), RSMo 1986.* Original rule filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed March 21, 1974, effective April 1, 1974. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974.

*Original authority: 409.402(a)(10), RSMo 1967, amended 1977, 1978, 1986 and 409.413(a), RSMo 1967.