PURPOSE: This rule exempts offers and sales to accredited investors from the requirements of sections 409.301 and 409.403 of the Missouri Uniform Securities Act.

1. (1) The commissioner, pursuant to the provisions of section 409.402(c), RSMo of the Missouri Uniform Securities Act (the Act), exempts the following transactions from the requirements of sections 409.301 and 409.403 of the Act: Any offer or sale of securities to a person meeting the requirements of rule 230.501(a) of the Securities Act of 1933, when the broker-dealer or issuer relying upon that exemption obtains a statement signed by the investor that the security is not registered and may be disposed of only through a licensed broker-dealer. The statement also shall advise the investor that it is a felony to sell securities in violation of the Missouri Securities Act.
2. (2) No transaction in a certificate of interest or participation, including a limited partnership interest, in an oil, gas or mining title or lease, or in payments out of production or under that title or lease shall be exempted by this rule.
3. (3) No exemption under this rule shall be available for a transaction if either the issuer or any broker-dealer offering or selling the securities is or would be disqualified under 15 CSR 30-54.210(1)(A)1.

AUTHORITY: sections 409.402(c) and 409.413(a), RSMo 1986.* Original rule filed March 27, 1989, effective June 12, 1989. Amended: Filed Jan. 3, 1990, effective March 11, 1990. Amended: Filed Aug. 3, 1992, effective April 8, 1993.

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