Intrastate Resale Limits and Issuer Precautions

What this video covers

• Why the six-month resale clock starts from each security's own sale date, not the offering's closing date, and how that creates different deadlines within one offering
• The four issuer precautions: legend, stop-transfer instructions, written residency representation, and prominent disclosure timing to offerees versus purchasers
• The distinction between disclosure to offerees when the offer goes out versus disclosure in writing to purchasers a reasonable time before sale
• Why the out-of-state lockout period is measured from the last sale in the prior intrastate offering, not the offering's opening date
• How the lockout prevents an issuer from starting a new intrastate offering in a different state or territory until that six-month period expires
• The exam's favorite bait-and-switch scenarios combining individual resale clocks with sponsor lockout timing