Breaking Down Critical Topics on the Series 79 Exam Session 2 

Clarification on Rule 147: An issuer must satisfy one of these requirements to be eligible for the Rule 147 intra-state offering exemption: 80% of the issuer's assets must be in the state 80% of the issuer's revenues must be generated in the state 80% of the proceeds of the sale of securities must be used in the state A majority of the issuer's employees are located in the state The issuer is not required to satisfy all of these, just one must be satisfied.