Series 79: 10.10.3. The FAST Act

10.10.3. The FAST Act

The FAST Act exemption, also called the Section 4(a)(7) exemption, was created by Congress in 2015 to allow the selling of restricted securities to accredited investors if certain conditions are met. The FAST Act exemption allows the seller to access a wider pool of investors than Rule 144A, since there are far more accredited investors than there are mega-money QIBs. All of the following are conditions for using the FAST Act exemption:

• The securities must have been outstanding for at least 90 days.

• The seller cannot offer the securities through general solicitation or advertising.

• If the seller is a control person, she must certify that sh