Chapter 12: Secondary Trading of Securities, Including Rule 144
§ 12.1  Definition of “Secondary Trading” and Registration Requirement
§ 12.2  Definition of “Affiliate”
§ 12.3  Registration of Securities on Behalf of a Selling Security Holder
§ 12.4  Section 4(1) Exemption for Secondary Trading—Rule 144
§ 12.4.1  Current Public Information
§ 12.4.2  Holding Period
§ 12.4.3  Tacking of the Holding Period
§ 12.4.4  Volume Limitations and Aggregation
Pledgee/Pledgor
Donee/Donor
Other Situations
§ 12.4.5  Manner of Sale
§ 12.4.6  Form 144
§ 12.4.7  The “Blown Trade”
Let the Trade Stand
Rescind the Trade
§ 12.4.8  Removal of the Restrictive Legend
Public Company Obligation to Control Market
Ability to Remove Legend – Rule 144(b)(1)(i) and Non-Affiliates
Not Applicable to Shell Companies – Rule 144(i)
Ability to Remove Legend – Rule 144(b)(2) and Affiliates
Legal Requirement to Act Without Unreasonable Delay
§ 12.5  Section 4(1½) Exemption
§ 12.6  The Stock Market—NASDAQ and the Exchanges
§ 12.7  Duty to Permit the Transfer of Shares
§ 12.8  NASDAQ De-listing
§ 12.8.1  The De-listing Process
§ 12.8.2  Staff Determination Letter
§ 12.8.3  Hearing Request and the Hearing Panel
§ 12.8.4  Submitting a Long-Term Compliance Plan
§ 12.8.5  De-listing
§ 12.8.6  Appealing the Decision
§ 12.8.7  The Aftermath of De-listing
§ 12.8.8  Avoiding De-listing
§ 12.8.9  Public Disclosure