Category 3 Reg S

Regulation S Category 3 securities are securities that do not qualify for Regulation S Category 1 or Regulation S Category 2. Regulation S Category 3 securities are subject to the most significant restrictions under Regulation S, including a distribution compliance period and legending and purchaser certification requirements, as a result of the greater danger of flow back into the United States of securities sold offshore. The full definition of Regulation S Category 3 can be found under Section 903 of Regulation S.

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