Section 3(a)(10) Exchange Offers

3(a)(10) provides an exemption from Securities Act registration for specified exchange transactions

Securities must be issued in exchange for securities, claims, or property interests
Cannot be offered for cash
Court or authorized governmental entity must approve the fairness of the exchange
After a hearing

Issuers often request SEC no-action relief

SEC FAQs

Other SEC FAQs

2004

2003

2002

Earlier

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