SEC Reg S Rule 903

Sets forth conditions for offers and sales of securities by issuers, distributors, and their affiliates, including the requirement that offers and sales be made in an offshore transaction and that no directed selling efforts be made in the US.

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Provides a framework for offers and sales of securities by issuers, distributors, and their affiliates, and sets forth conditions that must be satisfied in order to rely on the safe harbor provided by Regulation S. The rule requires that offers and sales be made in an offshore transaction, and that no directed selling efforts be made in the United States, and also provides for different categories of securities that are subject to varying conditions and requirements.

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