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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By N. Peter Rasmussen

Investment Firm Entitled to Rule 16b-3(d) Director ExemptionA 2nd Circuit panel held that the Exchange Act Rule 16b-3(d) exemption applies to so-called "directors by deputization." (Roth v. Perseus, L.L.C.) In reaching this result, the appellate panel found persuasive the SEC's interpretation of Rule 16b-3(d) that such directors, even if they were also 10 percent holders, were protected by the rule. The court also found that the adoption of Rule 16b-3(d) was within the agency's exemptive authori read more

Full post as published by Jim Hamilton's World of Securities Regulation on April 15, 2008 (boomark / email).