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

Rule 3a12-11 -- Exemption from Sections 8(a), 14(a), 14(b), and 14(c) for Debt Securities Listed on a National Securities Exchange

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1. Debt securities that are listed for trading on a national securities exchange shall be exempt from the restrictions on borrowing of section 8(a) of the Act.
   
   
2. Debt securities registered pursuant to the provisions of section 12(b) of the Act shall be exempt from sections 14(a), 14(b), and 14(c) of the Act, except that Rule 14a-1, Rule 14a-2(a), Rule 14a-9, Rule 14a-13, Rule 14b-1, Rule 14b-2, Rule 14c-1, Rule 14c-6 and Rule 14c-7 shall continue to apply.
   
   
3. For purposes of this section, debt securities is defined to mean any securities that are not "equity securities" as defined in section 3(a)(11) of the Act and Rule 3a11-1 thereunder.

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