SEC Reg S Rule 903

This rule:

• Provides a framework for offers and sales of securities by issuers, distributors, and their affiliates.
• Sets forth conditions that must be satisfied in order to rely on the safe harbor provided by Regulation S.
• Requires that offers and sales be made in an offshore transaction.
• Requires that no directed selling efforts be made in the US.
• Provides for different categories of securities that are subject to varying conditions and requirements.