Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Rule 157 -- Small Entities Under the Securities Act for Purposes of the Regulatory Flexibility Act

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1. When used with reference to an issuer, other than an investment company, for purposes of the Securities Act of 1933, mean an issuer whose total assets on the last day of its most recent fiscal year were $5 million or less and that is engaged or proposing to engage in small business financing. An issuer is considered to be engaged or proposing to engage in small business financing under this section if it is conducting or proposes to conduct an offering of securities which does not exceed the dollar limitation prescribed by section 3(b) of the Securities Act.
   
   
2. When used with reference to an investment company that is an issuer for purposes of the Act, have the meaning ascribed to those terms by Rule 0-10 under the Securities Exchange Act of 1934.
   
   

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