This column continues the discussion of the offer and sale of unregistered tax advantaged securities using the Internet, discussing publicly surrounding an Internet offering of unregistered securities pursuant to Regulation D.
Publicity During an Offering
In a 1985 no action letter, Gerald F. Gerstenfeld,1 the requesting party, represented “various sponsors or syndicators of limited partnership offerings.” The inquiry was whether the “syndicator can publish in any newspaper institutional advertising [in the form enclosed in the letter]” during two distinct time periods: (1) while the syndicator is offering limited partnership interests; and (2) when no offering is being made but the syndicator expects to “ thereafter” offer such interests as to which the syndicator will be the general partner.
