General Rules and Regulations
Securities Act of 1933
Rule 161 -- Amendments to Rules and Regulations Governing Exemptions
The rules and regulations governing the exemption of securities under section
3(b) of the Act, as in effect at the time the securities are first bona fide
offered to the public in conformity therewith, shall continue to govern the exemption
of such securities notwithstanding the subsequent amendment of such rules and regulations.
This section shall not apply, however, to any new offering of such securities by
an issuer or underwriter after the effective date of any such amendment, nor shall
it apply to any offering after January 1, 1959, of securities by an issuer or underwriter
pursuant to Regulation D or pursuant to Regulation
A as in effect at any time prior to July 23, 1956.
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