# Rule 144 TLDR (formalize this into a styleized stop section): Rule 144 is a rule that applies to every stock, public or private. When selling shares without a formal IPO or shelf offering [link these under S-forms], Rule 144 presents the easiest path for otherwise centralized and secret shares to wind up in your wallet as an investor. It's perhaps the most important tool in our effort to [decentralize capitalism](https://www.decentralizingcapitalism.com/) 🚀 144 intro: 3 exemption under 4(a)2 What s an issuer What's a broker - link to regs/US/brokers Details broker meaning, origins, and protections Underwriter blanket exemption, rule 144 for investors like us ## TODO: Formalize nuances per: - [Actual law](https://www.law.cornell.edu/cfr/text/17/230.144) - [Discussion w SEC attorneys](https://drive.blocktransfer.com/external/19389843cd1d5220cbf96ac7916f7aa4065b9e76f09d853a1844ee5b635dd733) (todo: noaction on (f)(1)(iii) via SDEX) Community [discussion](https://privates.jfwooten4.com) in [WhyDRS](https://join.jfwooten4.com): private-markets Incorporate / reference foundational thought leaders: - https://scholar.law.colorado.edu/cgi/viewcontent.cgi?article=1010&context=research-data - https://prfirmpwwwcdn0001.azureedge.net/azstgacctpwwwct0001/uploads/4cb5ac16ae8904a6fa315820d212cf15.PDF - https://discord.com/channels/1102309240145707049/1202623897028010004/1261911357255716926 (DRS Discord) - https://www.sec.gov/info/smallbus/acsec/recommendation-section-4-a-1.5-exemption.pdf - **https://www.pillsburylaw.com/a/web/104489/OffersSalesandResalesofSecuritiesandGeneralSolicitation1.pdf** - https://securities-law-blog.com/2015/06/23/section-4a1-4a1%C2%BD-exemption-recommendations-amendment-rule-144-related-shell-companies/ - https://prfirmpwwwcdn0001.azureedge.net/azstgacctpwwwct0001/uploads/a416ffe84ae357b5ffffd4e697a512e7.PDF - https://events.iflr.com/Global/FileLib/IFLR/Mayer-Brown-2020.pdf - https://www.dentons.com/en/insights/articles/2016/january/21/section-4a-112-exemption-for-resales-of-restricted-securities-now-codified - https://content.next.westlaw.com/practical-law/document/I4cf8954cef2a11e28578f7ccc38dcbee/Section-4-1?viewType=FullText&transitionType=Default&contextData=(sc.Default) - Cross reference this into 4(a)(7): https://www.law.cornell.edu/wex/section_4(1_%C2%BD) - https://www.americanbar.org/content/dam/aba/publications/business_lawyer/2022/77_1/report-legal-opinions-202201.pdf -