Glossary: Rule 147 (SA 1933) Rule 147 - Intra state offerings - to be exempt, 100% of the purchasers must be residents of that state. In addition, instruments of interstate commerce must not be used to sell the offering (80% must be intrastate).

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Rule 147 - some related terms: Securities Act of 1933 Intra state offering Intra state offering Securities Act of 1933