Sec. 80.6. Offerings to sophisticated investors

In lieu of the prospectus called for by the New York Intrastate Financing Act, an issuer proposing an offering to a group of persons whose net worth, financial background and experience would be such as to enable them to evaluate a prospective investment solely on the basis of original documentation, without other offering literature, may submit to the Department of Law an application for exemption from the prospectus requirements and the Attorney-General may grant said application on finding that such action is not inconsistent with the public interest or the protection of investors.