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Private Placement Terms and Codes
Field Code and Associated Rules
- Private Placement Exemption Rules
- Private Placement Offer Status
- Private Placement Subscription Status
- Offer Execution Type Code
- Industry Sector Code
- Issuer Size Code
- Annual Income Range Code
- Liquid Net Worth Range Code
- Net Worth Range Code
- Participating Firm Status Code
- Previous Experience Setting Code
- Natural Person Accreditation Setting Code
- Corporate Accreditation Setting Code
- Security Type Code
- Delivery Method Code
Private Placement Exemption Rules
The exemption rules listed below are supported by the Folio REST service. Other exemptions may be added over time as permitted by law.
| Name | Code | Description |
|---|---|---|
| Rule 504(b)(i) | D | Maximum offer size is $1,000,000.00. Only accredited (individuals and QIBs) allowed. |
| Rule 504(b)(ii) | E | Maximum offer size is $1,000,000.00. Only accredited (individuals and QIBs) allowed. |
| Rule 504(b)(iii) | F | Maximum offer size is $1,000,000.00. Only accredited (individuals and QIBs) allowed. |
| Rule 505 | G | Maximum offer size of $5,000,000.00. Both accredited and non-accredited allowed—the issuer may only accept up to 35 non-accredited individuals. |
| Rule 506(b) | H | No maximum offer size. Only accredited (individuals and QIBs) allowed. |
| Rule 506(c) | K | No maximum offer size. Only accredited (individuals and QIBs) allowed. |
| Securities Act Section 4(5) | I | Maximum offer size of $5,000,000.00. Only accredited (individuals and QIBs) allowed. |
| Section 3(c)(1-14) | J | No maximum offer size. Only accredited (individuals and QIBs) allowed. |
| Regulation A Tier 2 | A | Maximum offer size of $50,000,000.00. Both accredited and non-accredited allowed. |
| Rule 1001 | B | Issuer must be located in California. Maximum offer size of $5,000,000.00. Must be “Qualified Investors”—not the same definition as Accredited, but we will default to Accredited option. Not more than 35 investors (up to the issuer to ensure they do not accept more than the allowable amount). |
| Rule 147 | C | The Issuer can only make the offer available in their state of registration (e.g. An Oregon company can only offer to Oregon residents). No maximum offer size. Both accredited and non-accredited allowed. |
| OTHER | O | Others |
Private Placement Offer Status
| Name | Code | Description |
|---|---|---|
| INITIAL | I | After an offer is created, the offer has the INITIAL status. Whether the offer is published or not does impact the offer status. |
| IN_PROGRESS | P | After an offer is first executed, meaning that the issuer has chosen to issue the offered units to approved subscribers, the offer status changes to IN_PROGRESS. Subscriptions may still be submitted while IN_PROGRESS. |
| CLOSED_COMPLETE | 1 | After an issuer closes an offer or after an offer expires, if there are no pending or accepted subscriptions, the offer state changes to CLOSED_COMPLETE. In this state, the investors cannot subscribe to the offer anymore. This indicates the offer has been completed successfully by the expiration date. |
| CLOSED_INCOMPLETE | 2 | When an issuer closes an offer with pending subscriptions, the offer state changes to CLOSED_INCOMPLETE. In this state, new investors cannot subscribe to the offer anymore, but the issuer still retains the ability to approve pending subscriptions and execute the offer, issuing units to those accepted subscriptions. |
| CLOSED_CANCELLED | 3 | When an issuer cancels an offer, the pending subscriptions—and any associated folio orders—are cancelled and the offer state changes to CLOSED_CANCELLED. In this state, new investors cannot subscribe to the offer anymore, but the issuer can execute the offer. |
Private Placement Subscription Status
| Name | Code | Description |
|---|---|---|
| INITIAL | I | When an investor subscribes to an offer, if cash is not required at the time of offer subscription, the order state becomes INITIAL. |
| ORDER_CREATED | O | After an investor subscribed to an offer, if cash is available on the cash required date, the subscription state changes to ORDER_CREATED. |
| ACCEPTED | A | When an issuer accepts pending subscriptions, the subscriptions in pending status change to ACCEPTED. |
| PROCESSING | W | When an issuer successfully executes an offer, the status of an accepted subscription changes to PROCESSING. |
| COMPLETE | F | After an issuer executed an offer, and once the issuances of units to purchasers and payment of funds to the issuer has been finalized, the status of the processed subscriptions change to COMPLETE. |
| REJECTED | R | When an issuer or investment professional rejects an order, the subscription state changes to REJECTED. |
| CANCELLED | C | When an investor cancels a subscription, or when the account the subscription has been submitted for does not have enough cash on the cash required date, the subscription state changes to CANCELLED. If the subscription had reached ORDER_CREATED status, any associated folio order would be cancelled following the subscription cancellation. |
Offer Execution Type Code
Execution type defines whether there is a contingency on the offer that must be met before it can be executed.
| Name | Code | Description |
|---|---|---|
| ALL_OR_NONE | A | An offer can be executed only when the aggregate approved subscriptions amount reaches the maximum offer size. |
| PART_OR_NONE | P | An offer can be executed only when the approved subscription amount reaches or exceeds the stated minimum threshold. This threshold is always less than the maximum offer size, and greater than $1. |
| BEST_EFFORTS | B | This indicates there is no contingency to be met, and that the offer can be executed for any amount up to and including the maximum offer size. |
Industry Sector Codes
These options correspond to the options available on the SEC Form D.
An industry group represents the industry of an issuing firm. Some of the industry sectors have subsectors up to two tiers. Such subsectors are represented as having a parent industry sector in the table below.
| Name | Code | Parent Industry Sector | Description |
|---|---|---|---|
| AGRICULTURE | AGR | Agriculture | |
| BANKING_AND_FINANCIAL_SERVICES | BAN | Banking & Financial Services | |
| COMMERCIAL_BANKING | COB | BANKING_AND_FINANCIAL_SERVICES | Commercial Banking |
| INSURANCE | INS | BANKING_AND_FINANCIAL_SERVICES | Insurance |
| INVESTING | INV | BANKING_AND_FINANCIAL_SERVICES | Investing |
| INVESTMENT_BANKING | INB | BANKING_AND_FINANCIAL_SERVICES | Investment Banking |
| POOLED_INVESTMENT_FUND | PIF | BANKING_AND_FINANCIAL_SERVICES | Pooled Investment Fund |
| HEDGE_FUND | HFU | POOLED_INVESTMENT_FUND | Hedge Fund |
| PRIVATE_EQUITY | PEQ | POOLED_INVESTMENT_FUND | Private Equity |
| VENTURE_CAPITAL_FUND | VCF | POOLED_INVESTMENT_FUND | Venture Capital Fund |
| OTHER_INVESTMENT_FUND | OTF | BANKING_AND_FINANCIAL_SERVICES | Other Investment Fund |
| OTHER_BANKING_AND_FINANCIAL_SERVICES | OTB | Other Banking & Financial Services | |
| BUSINESS_SERVICES | BUS | Business Services | |
| ENERGY | ENE | Energy | |
| ELECTRIC_UTILITIES | ELE | ENERGY | Electric Utilities |
| ENERGY_CONSERVATION | CON | ENERGY | Energy Conservation |
| COAL_MINING | COA | ENERGY | Coal Mining |
| ENVIRONMENTAL_SERVICES | ENV | ENERGY | Environmental Services |
| OIL_AND_GAS | OGS | ENERGY | Oil & Gas |
| OTHER_ENERGY | OTE | ENERGY | Other Energy |
| HEALTH_CARE | HCA | Health Care | |
| BIOTECHNOLOGY | BIO | HEALTH_CARE | Biotechnology |
| HEALTH_INSURANCE | HIS | HEALTH_CARE | Health Insurance |
| HOSPITALS_AND_PHYSICIANS | HOS | HEALTH_CARE | Hospitals & Physicians |
| PHARMACEUTICALS | PHA | HEALTH_CARE | Pharmaceuticals |
| OTHER_HEALTH_CARE | OTC | HEALTH_CARE | Other Health Care |
| MANUFACTURING | MAN | Manufacturing | |
| REAL_ESTATE | RES | Real Estate | |
| COMMERCIAL | COR | REAL_ESTATE | Commercial |
| CONSTRUCTION | CST | REAL_ESTATE | Construction |
| REITS_AND_FINANCE | FIN | REAL_ESTATE | REITS & Finance |
| RESIDENTIAL | RDN | REAL_ESTATE | Residential |
| OTHER_REAL_ESTATE | OTS | REAL_ESTATE | Other Real Estate |
| RETAILING | RET | Retailing | |
| RESTAURANTS | RTA | Restaurants | |
| TECHNOLOGY | TEC | Technology | |
| COMPUTERS | CPT | TECHNOLOGY | Computers |
| TELECOMMUNICATIONS | TEL | TECHNOLOGY | Communications |
| OTHER_TECHNOLOGY | OTT | TECHNOLOGY | Other Technology |
| TRAVEL | TRA | Travel | |
| AIRLINES_AND_AIRPORTS | AAL | TRAVEL | Airlines & Airports |
| LODGING_AND_CONVENTIONS | LDG | TRAVEL | Lodging & Conventions |
| TOURISM_AND_TRAVEL_SERVICES | TOU | TRAVEL | Tourism & Travel Services |
| OTHER_TRAVEL | OTL | TRAVEL | Other Travel |
| OTHER | OTH | Other |
Issuer Size Code
These options correspond to the options available on the SEC Form D.
| Name | Code | Description |
|---|---|---|
| REVENUE_NONE | A | The issuer has no revenue. |
| REVENUE_1_1M | B | Revenue range is equal to or less than $1,000,000. |
| REVENUE_1M_5M | C | Revenue range is greater than $1,000,000 and less than or equal to $5,000,000. |
| REVENUE_5M_25M | D | Revenue range is greater than $5,000,000 and less than or equal to $25,000,000. |
| REVENUE_25M_100M | E | Revenue range is greater than $25,000,000 and less than or equal to $100,000,000. |
| REVENUE_OVER_100M | F | Revenue range is greater than $100,000,000. |
| REVENUE_DECLINE_TO_DISCLOSE | G | Revenue range is not disclosed. |
| REVENUE_NA | H | Revenue range is not available. |
| VALUE_NONE | 1 | Aggregate net asset value is $0. |
| VALUE_1_5M | 2 | Aggregate net asset value range is less than $5,000,000. |
| VALUE_5M_25M | 3 | Aggregate net asset value range is greater than $5,000,000 and less than or equal to $25,000,000. |
| VALUE_25M_50M | 4 | Aggregate net asset value range is greater than $25,000,000 and less than or equal to $50,000,000. |
| VALUE_50M_100M | 5 | Aggregate net asset value range is greater than $50,000,000 and less than or equal to $100,000,000. |
| VALUE_OVER_100M | 6 | Aggregate net asset value range is greater than $100,000,000. |
| VALUE_DECLINE_TO_DISCLOSE | 7 | Aggregate net asset value range is not disclosed. |
| VALUE_NA | 8 | Aggregate net asset value range is not available. |
Annual Income Range Code
| Name | Code | Description |
|---|---|---|
| ZERO_25K | 1 | Annual income range is equal to or less than $25,000. |
| K25_50K | 2 | Annual income range is greater than $25,000 and less than or equal to $50,000. |
| K50_100K | 3 | Annual income range is greater than $50,000 and less than or equal to $100,000. |
| K100_200K | 4 | Annual income range is greater than $100,000 and less than or equal to $200,000. |
| K200_300K | 5 | Annual income range is greater than $200,000 and less than or equal to $300,000. |
| K300_500K | 6 | Annual income range is greater than $300,000 and less than or equal to $500,000. |
| OVER_500K | 7 | Annual income range is greater than $500,000. |
Liquid Net Worth Range Code
| Liquid Net Worth Range | Code | Description |
|---|---|---|
| ZERO_25K | 1 | Liquid net worth range is equal to or less than $25,000. |
| K25_50K | 2 | Liquid net worth range is greater than $25,000 and less than or equal to $50,000. |
| K50_200K | 3 | Liquid net worth range is greater than $50,000 and less than or equal to $200,000. |
| K200_500K | 4 | Liquid net worth range is greater than $200,000 and less than or equal to $500,000. |
| K500_1M | 5 | Liquid net worth range is greater than $500,000 and less than or equal to $1,000,000. |
| M1_2M | 6 | Liquid net worth range is greater than $1,000,000 and less than or equal to $2,000,000. |
| M2_3M | 7 | Liquid net worth range is greater than $2,000,000 and less than or equal to $3,000,000. |
| OVER_3M | 8 | Liquid net worth range is greater than $3,000,000. |
Net Worth Range Code
| Net Worth Range | Code | Description |
|---|---|---|
| ZERO_25K | 1 | Net worth range is equal to or less than $25,000. |
| K25_50K | 2 | Net worth range is greater than $25,000 and less than or equal to $50,000. |
| K50_200K | 3 | Net worth range is greater than $50,000 and less than or equal to $200,000. |
| K200_500K | 4 | Net worth range is greater than $200,000 and less than or equal to $500,000. |
| K500_1M | 5 | Net worth range is greater than $500,000 and less than or equal to $1,000,000. |
| M1_2M | 6 | Net worth range is greater than $1,000,000 and less than or equal to $2,000,000. |
| M2_3M | 7 | Net worth range is greater than $2,000,000 and less than or equal to $3,000,000. |
| OVER_3M | 8 | Net worth range is greater than $3,000,000 |
Participating Firm Status Code
| Status | Code | Description |
|---|---|---|
| PENDING | P | The offer has been made available to a participating firm, and the offer can be accessed by that firm and its clients. |
| ACCEPTED | A | The status is A for the creating firm. This field is not currently used for participating firms. |
| REJECTED | R | The participating firm has declined participation in the offer. |
| DELETED | D | The participating firm has been deleted from participation in the offer by the creating firm. |
Previous Experience Setting Codes
| Previous Experience | Code | Description |
|---|---|---|
| NONE_REQUIRED | N | No previous experience with private placements is required. |
| ANY_EXPERIENCE | A | Previous private placement experience is required, regardless of industry sectors. |
| INDUSTRY_EXPERIENCE | I | Previous private placement experience is required, and that experience must be within the issuer's industry sector as specified in the industry field. |
Natural Person Accreditation Setting Code
Individual investors have to satisfy one of the following accreditation criteria to be eligible to access offers made under certain Private Placement Exemption Rules. This setting is based upon the issuer's requirement, and cannot be in conflict with the exemption's allowance. Each participating firm inherits the settings on the offer, as established by the offer creator.
| Name | Code | Description |
|---|---|---|
| Any investor permissible under the selected offering exemption rule | A | Investors permitted by the offering exemption rule selected can invest in the offer, generally including some number of non-accredited investors. |
| Accredited or Qualified Client Only | C | Only investors who are Accredited Investors or Qualified Clients can invest in the offer. |
| Qualified Client Only | Q | Only investors who are accredited by income or net worth and have net worth greater than $2,000,000 can submit a request to purchase the offer. |
Corporate Accreditation Setting Code
| Corporate Accreditation Type | Code | Description |
|---|---|---|
| Any investor permissible under the selected offering exemption rule. | A | Entities permitted by the offering exemption rule selected can invest in the offer, generally including some number of non-accredited entity investors. |
| Accredited or QIB Only | C | The offer allows only entities that are Accredited or Qualified Institutional Buyers (QIBs) to participate. |
| QIB Only | Q | The offer allows only entities that are QIBs to participate. |
Security Type Code
These options correspond to the options available on the SEC Form D.
| Security Type | Code | Description |
|---|---|---|
| EQUITY | E | Common Stock, Preferred Stock, etc. |
| DEBT | D | |
| WARRENT_OPTION_RIGHT | 3 | |
| SECURITY_FROM_WARRENT_OPTION_RIGHT | S | |
| POOLED_INVESTMENT_FUND_INTEREST | I | |
| TENANT_IN_COMMON_SECURITY | T | |
| MINERAL_PROPERTY_SECURITY | M | |
| OTHER | O |
Delivery Method Code
| Name | Code | Description |
|---|---|---|
| Shares/Units Issued through DTC Broker-to-Broker Trade (aka DVP/RVP) | DVPRVP | The Issuer will instruct its DTC agent or dealer manager to place trades with Folio on the trade date. The trades will use a one business day settlement and will settle on the settlement date. /Folio Investments, Inc. / DTC Number: 0728 / MPID: FTBR |
| Shares/Units Issued through DTC DWAC | DWAC | The Issuer will instruct the transfer agent to accept Folio’s DWAC/transfer request on the settlement date. The shares/units will be delivered to Folio on the settlement date. The offering proceeds will be available to the Issuer in the Issuer’s Folio account after Folio has confirmed delivery of the shares/units. The DWAC delivery date will coincide with the trade settlement date. /Folio Investments, Inc. / DTC Number: 0728 / MPID: FTBR |
| Shares/Units Held by Issuer | ISSUER | As of the settlement date, the Issuer shall record in its holders’ records the aggregate position of shares/units offered in the Offering as being in street name, “Folio Investments, Inc. for the exclusive benefit of customers”. The Issuer has provided Folio a signed Securities Authorization Letter. If the Issuer is required to hold securities in clients’ names, the Issuer shall properly record in its holders’ records a position for each client. |
| Shares/Units Held by a Transfer Agent | TA | As of the settlement date, the Issuer will instruct its Transfer Agent to record, on behalf of Issuer, the aggregate position of shares/units offered in the Offering as being in street name, “Folio Investments, Inc. for the exclusive benefit of customers”. The offering proceeds will be available to the Issuer in the Issuer’s Folio account after Transfer Agent provides satisfactory evidence to Folio that the aggregate position has been properly recorded on the books and records of Transfer Agent on behalf of Issuer. The Issuer has provided Folio a signed Securities Authorization Letter. If the Issuer is required to hold securities in clients’ names, the Transfer Agent shall properly record in its holders’ records a position for each client. The Transfer Agent will provide monthly statements to Folio for reconciliation. |
| Units Held by Administrator | ADMIN | As of the Settlement Date, the Issuer will instruct its Administrator to record, on behalf of Issuer, the position for each investor. The offering proceeds will be available to the Issuer in the Issuer’s Folio account after Administrator provides satisfactory evidence to Folio that each investor position has been properly recorded on the books and records of Administrator on behalf of Issuer. The Issuer has provided Folio a signed Securities Authorization Letter. The Administrator will provide monthly statements to Folio for reconciliation. |
| Other | OTHER |
Private Placement Offer Error Code
| Code | Description |
|---|---|
| pp.industryGroup.invalid.choice | |
| pp.issuerSize.invalid.choice | |
| pp.securityType.invalid.choice | |
| pp.exemptionType.invalid.choice | |
| pp.offerState.invalid.choice | |
| pp.executionType.invalid.choice | |
| pp.participatingFirm.status.invalid.choice | |
| pp.naturalPersonaAccreditationType.invalid.choice | |
| pp.corporateAccreditationType.invalid.choice | |
| pp.previousExperienceType.invalid.choice | |
| pp.minAnnualIncomeRange.invalid.choice | |
| pp.minLiquidNetworthRange.invalid.choice | |
| pp.minNetworthRange.invalid.choice | |
| pp.offerStatus.invalid.choice | |
| pp.creatingMember.not.found | |
| pp.creatingFirmRep.not.found | |
| pp.creatingMember.not.belong.to.creatingFirm | |
| pp.creatinFirmRep.not.belong.to.creatingFirm | |
| pp.issuingFirmRep.not.found | |
| pp.issuingFirmRep.not.belong.to.creatingFirm | |
| pp.issuingFirm.not.found | |
| pp.issuingFirm.not.belong.to.creatingFirm | |
| pp.member.not.belong.to.participating.firm | |
| pp.offerName.invalid.length | |
| pp.offerName.invalid.char | |
| pp.offerName.not.available | |
| pp.ticker.cannot.be.null | |
| pp.ticker.invalid.prefix | |
| pp.ticker.invalid.character | |
| pp.ticker.invalid.length | |
| pp.ticker.not.available | |
| pp.ticker.unknown.error | |
| pp.issuerSize.must.be.based.on.aggregate.net.asset.value | |
| pp.issuerSize.must.be.based.on.revenue | |
| pp.industryGroup.must.be.the.lowest.tier | |
| pp.executionType.allOrNone.has.no.offer.size | |
| pp.executionType.allOrNone.has.minThresholdAmt | |
| pp.executionType.partOrNone.has.no.minThresholdAmt | |
| pp.executionType.bestEffort.has.minThresholdAmt | |
| pp.closingPrice.less.than.minimum | |
| pp.offerSize.less.than.minimum | |
| pp.minInvestmentAmt.less.than.minimum | |
| pp.maxInvestmentAmt.less.than.minimum | |
| pp.executionThresholdAmt.less.than.minimum | |
| pp.minInvestmentAmt.greater.than.offerSize | |
| pp.maxInvestmentAmt.greater.than.offerSize | |
| pp.executionThresholdAmt.greater.than.offerSize | |
| pp.minInvestmentAmt.greater.than.maxInvestmentAmt | |
| pp.closingDate.must.be.future.date | |
| pp.cashLockDate.cannot.be.past.date | |
| pp.cashLockDate.cannot.be.after.closing.date | |
| pp.closingDate.cannot.change.after.offer.expiration | |
| pp.cashLockDays.cannot.be.increased | |
| pp.participatingFirm.not.found | |
| pp.participatingFirm.not.accessible.to.private.placement | |
| pp.participatingFirm.not.participating.in.offer | |
| pp.participatingFirm.invalid.status | |
| pp.cannot.remove.creating.firm.from.participatingFirm | |
| pp.offerStatus.invalid.status | |
| pp.approvedAmount.cannot.exceed.offer.size | |
| pp.approvedAmount.requirement.for.execution.type.not.met | |
| privateplacement.offer.invalidmaxoffersize | |
| privateplacement.offer.invalidaccreditationallowed | |
| privateplacement.offer.invalidstatesolicitation | |
| privateplacement.offer.invalidmandatoryholdingperiod | |
| privateplacement.offer.maximumnonaccreditedexceededlimit |
Private Placement Order Error Code
| Code | Description |
|---|---|
| pp.buy.only.rule | Rule to see if the subscription is a buy. Only buys are allowed for private placements. |
| pp.cash.requirement.rule | Rule to see if enough cash is available when cash is required at the time of the subscription. |
| pp.experience.required.rule | Rule to see if the member meets the Previous Investing Experience requirements setup for the offer. |
| pp.folionumber.rule | Rule to see if the folionumber, if specified, is for the correct account and is for the 02 folio. |
| pp.ira.approval.rule | Rule to Ensure offer is IRA approved or the account selected for the subscription is not an IRA. |
| pp.min.max.threshold.rule | Rule to see if the requested subscription amount meets the min and max settings for the offer. |
| pp.offer.access.rule | Rule to see if subscriptions are placed by the member who has access to the offer. |
| pp.open.offer.rule | Rule to see if an offer is in a subscription accepting state. |
| pp.verified.accreditation.rule | Rule to see if the exemption rule requires accreditation verification, and if the member meets that standard. |
| pp.wealth.minimums.rule | Rule to see if the member meets the required net worth ranges setup for the offer. |
| pp.order.exists.rule | Rule to see if the specified subscription exists. |
| pp.accreditation.requirement.rule | Rule to see if natural person and corporate entity users satisfy the accreditation requirements for the offer. |
| pp.non.accredited.client.limit.rule | Rule to see if the number of non-accredited subscriber is above the limit allowed for the offer type. |
| pp.total.approved.amount.exceeds.offer.size | Rule to check that the total of accepted subscription amounts does not exceed the maximum offer size specified in the offer configuration. |
| pp.approved.amount.exceeds.requested.amount | Rule to see if the subscription amount for a user that has been edited by the issuer exceeds the amount requested by the user. |
| pp.offer.not.available | Rule to see if offer is available for subscription. |
| pp.no.required.docs.exist | Rule to check that there is at least one offering document loaded and marked as Required. |
| pp.not.all.required.docs.viewed | Feature not currently in use (If applied, all documents marked as Required must be viewed by the user before a subscription is entered.) |
| pp.content.server.not.available | Rule to see if the document management system is available at the moment. |
| pp.order.agreement.not.exist | Feature not currently in use (If applied, an Order Agreement document must be available in the document management system before subscription.) |
| pp.order.agreement.not.viewed | Feature not currently in use (If applied, an Order Agreement document must be viewed by every client before subscription.) |
| pp.invalid.order.status | Rule to ensure that 1) the subscription status can only be updated to ’ACCEPTED‘ when the order is in ’INITIAL‘, ’REJECTED‘ or ’ORDER_CREATED‘ status, or 2) it can only be updated to ’REJECTED‘ or ’CANCELLED‘ status, when the order is in ’INITIAL‘, ’ACCEPTED‘ or ’ORDER_CREATED‘ status, or 3) it is not any valid status listed. |
| pp.invalid.approval.amount | Rule to ensure that no issuer edited subscription amount is passed when the subscription status is ’REJECTED‘ or ’CANCELLED‘. |
| pp.invalid.account.access.permission | Rule to ensure that currently logged-in user has TRADER or greater permission level on the account selected for the subscription. |
| pp.invalid.order.status.change.permission | Rule to ensure that the user attempting to accept or reject subscribers belongs to the issuer firm that created the offering (firms participating in the offering distribution process can not accept or reject subscriptions). |
| pp.reasonForTrade.invalid.choice | Rule to ensure that ’reasonForTrade‘ is valid. |
| pp.side.invalid.choice | Rule to ensure that the side field is ’1‘ (’Buy‘). |
Terms
- Pending subscription: A conditional order in the INITIAL or ORDER_CREATED status.
Change Log
08/29/2019
- Updated Private Placement exemption rules for 506(b) and 506(c) offerings.
10/11/2018
- Added Delivery Method Code
09/21/2018
- Added Delivery Method Code table
04/29/2016
- Added Change Log
- Updated Private Placement Exemption Rules table