Sec. 80.7. Offerings to a promoter group

In lieu of the prospectus called for by the New York Intrastate Financing Act, an issuer proposing an offering to a promoter group, as same is defined in these regulations, or the spouses or sons and daughters of the promoters, for front money or otherwise, 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.