Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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General Rules and Regulations
under the
Securities Act of 1933

Rule 150 -- Definition of "Commission or Other Remuneration" in Section 3(a)(9), for Certain Transactions

The term "commission or other remuneration" in Section 3(a)(9) shall not include payments made by the issuer, directly or indirectly, to its security holders in connection with an exchange of securities for outstanding securities, when such payments are part of the terms of the offer of exchange.

Regulatory History

2 FR 1076, May 26, 1937

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