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Expert Analysis

Conveyance Rule 159 Of The Securities Act

By Marius Meland (April 7, 2006, 12:00 AM EDT) -- On December 1, 2005, new Rule 159 under the Securities Act of 1933 became effective. Rule 159 provides that any information "conveyed" to a purchaser after the time of sale will not be taken into account for purposes of liability determinations under Section 12(a)(2) of the Securities Act. A summary of key Rule 159 concepts and a discussion of those concepts in the context of three illustrative securities offerings follows. Rule 159 also applies to liability determinations under Section 17(a)(2) of the Securities Act; however, as there is no private right of action under Section 17(a), the discussion below is limited to Section 12(a)(2)....

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