120. The purchase, on a stock exchange recognized by the Commission for the purposes of this section, of not more than 5% of the securities of a class over a period of 90 days by a person and his associates is exempt from Chapters III and IV.
If, however, the purchaser intends to avail himself of the exemption more than once over a period of 12 months, he shall report the fact each time, five working days before he acquires securities in excess of 5%, to the Commission, to the issuer and to the stock exchanges on which the security is listed. The report is made in the form prescribed by regulation.
Every stock exchange recognized as a self-regulatory organization may modify the rules regarding exemption under this section. New rules apply only from their approval by the Commission, after a public hearing.
1982, c. 48, s. 120; 1984, c. 41, s. 40.