Becky purchases one percent of Lakeside Ventures' (LV) preferred shares of stock in a private offering. Outside of the purchase, Becky has no other connection to the company. The terms of the purchase agreement do not state any resale restrictions, and LV is not required to make any periodic filings under the Securities and Exchange Act of 1934. Less than a year later, Becky wants to sell the stock without registration. How would you advise Becky

Advise her to register the shares before selling them.

Explanation:

The Securities and Exchange Act of 1934 was formed to govern secondary market activities relating to sale and purchase of shares. Its main aim is to improve transparency and to avoid fraud. This results in greater investor confidence.

All companies that are listed on the stock exchange must abide by the requirements of the Securities and Exchange Act of 1934.

These requirements include: registration of listed securities, disclosure, proxy solicitations, along with margin and audit requirements.

So in this scenario if Becky wants to sell her preferred shares in Lakeside Ventures, she will need to register the shares according to requirement of Securities and Exchange Act of 1934.

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