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What is meant by a self executing exemption?

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What is meant by a self executing exemption?

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Generally self executing means taking effect immediately without implementing legislation. With the S&P/TMX Market Access Program, once a company is approved for publication into S&P Corporation Records, the manual exemption self executes in many U.S. states/jurisdictions. Although it should be noted that S&P/TMX Market Access Program provides eligibility for manual exemption blue sky compliance in up to 38* states, some of the 38* states have additional parameters for company qualification before exemption can be applied (i.e. exemption is available if the class of securities has been outstanding in the hands of the public for at least 90 days).

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