PURPOSE: This rule prescribes policies on the availability of the exemption of evidence of indebtedness and the related security documents offered or sold as a unit.

1. (1) The exemption specified in section 409.2-202(11) of the Missouri Securities Act of 2003 shall not be considered to extend to any transaction in a security in the nature of an investment contract or profit-sharing agreement.

AUTHORITY: sections 409.2-202(11) and 409.6-605, RSMo Supp. 2003.* 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. Emergency amendment filed Aug. 19, 2003, effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 27, 2003, effective Feb. 29, 2004. AUTHORITY: sections 409.402(b)(8) and 409.413(a), RSMo 1986. Original rule filed June 2, 1986, effective Oct. 27, 1986. Emergency rescission filed Aug. 29, 2003, effective Sept. 12, 2003, expired March 9, 2004. Rescinded: Filed Aug. 29, 2003, effective Feb. 29, 2004.

*Original authority: 409.2-202, RSMo 2003; 409.6-605, RSMo 2003. 5 CSR 30-54.125 Institutional Buyer Exemption (Rescinded February 29, 2004)