Reputation: 86
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Total posts: 8
Donald,
Of the SEC exclusion wording below - what is the exposure or actions that the client has already taken that cause them to need coverage? (filed an initial prospective or S1?).....wording below: (if we need full SEC coverage then we can get an public form)
SEC Exclusion:
any initial public offering of securities undertaken and consummated by
the Company, including all activities in connection therewith;
ii. the actual or alleged violation of the Securities Act of 1933, the Securities
Exchange Act of 1934, any rules or regulations of the Securities
Exchange Commission adopted thereunder, any federal, state or
provincial statute or common law regulating securities similar to the
foregoing, including any amendments thereto, any rules or regulations
adopted pursuant thereto in connection with any Wrongful Act actually
or allegedly committed subsequent to the consummation of an initial
public offering of securities of the Company; or
iii. any equity or debt offering, solicitation, sale, distribution or issuance of
securities of the Company in excess of $50 million where such issuance
takes place during the Policy Period and is exempt from the registration
requirements of the Securities and Exchange Commission pursuant to
Section 3.b. of the Securities Act of 1933 and rules and regulations
promulgated thereunder, or any activities or transactions dealing in any
way with such issuance of securities of the Company; provided,
however, this exclusion shall not apply if the Insurer agrees in writing to
extend coverage for Wrongful Acts in connection with such issuance of
securities and the Insureds have paid the premium required by the
Insurer for such coverage extension;or...