(1) An acquisition of a security is exempt from Subsection 31A-5-303(1) if:
- (a) the person effecting the acquisition does not, within six months after, effect any disposition other than by way of gift of a security of the same class; and
- (b) the person effecting the acquisition does not participate in an acquisition or a disposition of a security of the same class having a total market value more than $3,000 for any six-month period during which the acquisition occurs.
- (2) An acquisition or disposition of a security, by way of gift, where the total amount of gifts does not exceed $3,000 in market value for any six-month period, is exempt from Section 31A-5-303 and is excluded from the computations of Subsection (1)(b).
- (3) A person exempted by Subsection (1) or (2) shall include in the first report filed, after a transaction within the exemption, a statement showing each acquisition and disposition for each six-month period or portion that elapsed since the last filing.
KEY: insurance law
Date of Last Change: June 9, 2023
Notice of Continuation: April 1, 2022
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-5-303