AICPA每日一练之REG【2016-2-5】

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KMC, Inc., is issuing $7 million of stock in a single offering. If KMC does not want to provide investors with any material information about itself, its business, or its securities, it may only do so if:

a. Any of the investors are accredited.?

b. All of the investors are sophisticated.

c. At least 35 investors are accredited.

d. All of the investors are accredited.

Answer:D

Choice "d" is correct. An offering of the type described can only be made under Rule 506. Under Rule 506 an offering can be made of any amount of securities without registering the offering if it is made to any number of accredited investors and no more than 35 unaccredited investors who are sophisticated in investing. If only accredited investors purchase the securities, the issuer is not required to make any disclosures, but if any unaccredited investors purchase any of the securities, all investors must receive at least an annual report containing audited financial statements.

Choices "b", "c", and "a" are incorrect, per the above explanation.

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