16 CFR § 802.9 - Acquisition solely for the purpose of investment.

---
identifier: "/us/cfr/t16/s802.9"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "16 CFR § 802.9 - Acquisition solely for the purpose of investment."
title_number: 16
title_name: "Commercial Practices"
section_number: "802.9"
section_name: "Acquisition solely for the purpose of investment."
chapter_name: "FEDERAL TRADE COMMISSION"
subchapter_number: "H"
subchapter_name: "RULES, REGULATIONS, STATEMENTS AND INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976"
part_number: "802"
part_name: "EXEMPTION RULES"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 18a(d)."
regulatory_source: "43 FR 33544, July 31, 1978, unless otherwise noted."
cfr_part: "802"
---


# 802.9 Acquisition solely for the purpose of investment.

An acquisition of voting securities shall be exempt from the requirements of the act pursuant to section 7A(c)(9) if made solely for the purpose of investment and if, as a result of the acquisition, the acquiring person would hold ten percent or less of the outstanding voting securities of the issuer, regardless of the dollar value of voting securities so acquired or held.

2. After the acquisition in example 1, “A” decides to acquire an additional 7 percent of the voting securities of X. Regardless of “A” 's intentions, the acquisition is not exempt under section 7A(c)(9).

3. After the acquisition in example 1, acquiring person “A” decides to participate in the management of issuer X. Any subsequent acquisitions of X stock by “A” would not be exempt under section 7A(c)(9).

[43 FR 33544, July 31, 1978, as amended at 66 FR 8693, Feb. 1, 2001; 70 FR 4994, Jan. 31, 2005]