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Self-executing Exemption

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The state of Maryland recently revised their state “Blue Sky” securities law to provide for a self-executing exemption for compensatory benefit plan offerings made in connection with Rule 701 of the Securities Act of 1933, as amended (“Rule 701”). Background A company that is not publicly traded in the US – generally, a company whose stock is not registered under the Securities Act of 1933, such as US private companies or non-US public companies that…