General Rules and Regulations, Securities Act of 1933

---
identifier: "/us/fr/2011-6830"
source: "fr"
legal_status: "authoritative_unofficial"
title: "General Rules and Regulations, Securities Act of 1933"
title_number: 0
title_name: "Federal Register"
section_number: "2011-6830"
section_name: "General Rules and Regulations, Securities Act of 1933"
positive_law: false
currency: "2011-03-22"
last_updated: "2011-03-22"
format_version: "1.1.0"
generator: "[email protected]"
agency: "Securities and Exchange Commission"
document_number: "2011-6830"
document_type: "rule"
publication_date: "2011-03-22"
agencies:
  - "Securities and Exchange Commission"
cfr_references:
  - "17 CFR Part 230"
fr_citation: "76 FR 15841"
fr_volume: 76
---


#  Definitions and terms used in Regulation D.

**CFR Correction**

In Title 17 of the Code of Federal Regulations, Parts 200 to 239, revised as of April 1, 2010, on page 686, in § 230.501, following paragraph (e)(3), reinstate the Note to paragraph (e) to read as follows:

**17 CFR Part 230**

§ 230.501

(e) * * *

*NOTE* : The issuer must satisfy all the other provisions of Regulation D for all purchasers whether or not they are included in calculating the number of purchasers. Clients of an investment adviser or customers of a broker or dealer shall be considered the “purchasers” under Regulation D regardless of the amount of discretion given to the investment adviser or broker or dealer to act on behalf of the client or customer.