§ 230.144 Persons deemed not to be engaged in a distribution and therefore not underwriters.

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class="topic aem-GridColumn aem-GridColumn--default--12"> <div class="topic doc-body-content" id="pwc-topic.dita_1957210505215580" lang="en-us"> <section id="madison-title-print" class="is-paddingless print-hidden"> <div class="print-body-header">  <nav class="navbar-madison primary" role="navigation" aria-label="main navigation"> <div class="container is-flex"> <div class="navbar-brand"> <div class="navbar-item"> <a href="/"> <img class="logo" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/pwc_logo@2x.png" alt="PwC logo@2x"/> </a> <span class="border"></span> <h5>Viewpoint</h5> </div> </div> </div> </nav>  <div class="doc-body-head columns"> <div class="column title"> <div class="badge-favorited-container"> <p class="badge-favorited active">Favorited Content</p> </div> <h1>§ 230.144 Persons deemed not to be engaged in a distribution and therefore not underwriters.</h1> <div class="in-depth"> <span class="is-uppercase">us</span> SEC - Securities Act Rules </div> </div> </div> </div> </section> <div style="display: inline;"><div style="display: inline;"> <div class="div"><div style="display: inline;"><div class="p">Preliminary Note:</div><div class="p">Certain basic principles are essential to an understanding of the registration requirements in the Securities Act of 1933 (the Act or the Securities Act) and the purposes underlying Rule 144:</div><div class="p">1. If any person sells a non-exempt security to any other person, the sale must be registered unless an exemption can be found for the transaction.</div><div class="p">2. Section 4(1) of the Securities Act provides one such exemption for a transaction "by a person other than an issuer, underwriter, or dealer." Therefore, an understanding of the term "underwriter" is important in determining whether or not the Section 4(1) exemption from registration is available for the sale of the securities.</div><div class="p">The term "underwriter" is broadly defined in Section 2(a)(11) of the Securities Act to mean any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates, or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking. The interpretation of this definition traditionally has focused on the words "with a view to" in the phrase "purchased from an issuer with a view to * * * distribution." An investment banking firm which arranges with an issuer for the public sale of its securities is clearly an "underwriter" under that section. However, individual investors who are not professionals in the securities business also may be "underwriters" if they act as links in a chain of transactions through which securities move from an issuer to the public.</div><div class="p">Since it is difficult to ascertain the mental state of the purchaser at the time of an acquisition of securities, prior to and since the adoption of Rule 144, subsequent acts and circumstances have been considered to determine whether the purchaser took the securities "with a view to distribution" at the time of the acquisition. Emphasis has been placed on factors such as the length of time the person held the securities and whether there has been an unforeseeable change in circumstances of the holder. Experience has shown, however, that reliance upon such factors alone has led to uncertainty in the application of the registration provisions of the Act.</div><div class="p">The Commission adopted Rule 144 to establish specific criteria for determining whether a person is not engaged in a distribution. Rule 144 creates a safe harbor from the Section 2(a)(11) definition of "underwriter." A person satisfying the applicable conditions of the Rule 144 safe harbor is deemed not to be engaged in a distribution of the securities and therefore not an underwriter of the securities for purposes of Section 2(a)(11). Therefore, such a person is deemed not to be an underwriter when determining whether a sale is eligible for the Section 4(1) exemption for "transactions by any person other than an issuer, underwriter, or dealer." If a sale of securities complies with all of the applicable conditions of Rule 144:</div><div class="p">1. Any affiliate or other person who sells restricted securities will be deemed not to be engaged in a distribution and therefore not an underwriter for that transaction;</div><div class="p">2. Any person who sells restricted or other securities on behalf of an affiliate of the issuer will be deemed not to be engaged in a distribution and therefore not an underwriter for that transaction; and</div><div class="p">3. The purchaser in such transaction will receive securities that are not restricted securities.</div><div class="p">Rule 144 is not an exclusive safe harbor. A person who does not meet all of the applicable conditions of Rule 144 still may claim any other available exemption under the Act for the sale of the securities. The Rule 144 safe harbor is not available to any person with respect to any transaction or series of transactions that, although in technical compliance with Rule 144, is part of a plan or scheme to evade the registration requirements of the Act.</div><div class="p">(a) <b class="ph b"><i class="ph i">Definitions.</i></b> The following definitions shall apply for the purposes of this section.</div><div data-outputclass="indent1" class="indent1">(1) An <i class="ph i">affiliate</i> of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such issuer.</div><div data-outputclass="indent1" class="indent1">(2) The term <i class="ph i">person</i> when used with reference to a person for whose account securities are to be sold in reliance upon this section includes, in addition to such person, all of the following persons:</div><div data-outputclass="indent2" class="indent2">(i) Any relative or spouse of such person, or any relative of such spouse, any one of whom has the same home as such person;</div><div data-outputclass="indent2" class="indent2">(ii) Any trust or estate in which such person or any of the persons specified in paragraph (a)(2)(i) of this section collectively own 10 percent or more of the total beneficial interest or of which any of such persons serve as trustee, executor or in any similar capacity; and</div><div data-outputclass="indent2" class="indent2">(iii) Any corporation or other organization (other than the issuer) in which such person or any of the persons specified in paragraph (a)(2)(i) of this section are the beneficial owners collectively of 10 percent or more of any class of equity securities or 10 percent or more of the equity interest.</div><div data-outputclass="indent1" class="indent1">(3) The term <i class="ph i">restricted securities</i> means:</div><div data-outputclass="indent2" class="indent2">(i) Securities acquired directly or indirectly from the issuer, or from an affiliate of the issuer, in a transaction or chain of transactions not involving any public offering;</div><div data-outputclass="indent2" class="indent2">(ii) Securities acquired from the issuer that are subject to the resale limitations of § 230.502(d) under Regulation D or § 230.701(c);</div><div data-outputclass="indent2" class="indent2">(iii) Securities acquired in a transaction or chain of transactions meeting the requirements of § 230.144A;</div><div data-outputclass="indent2" class="indent2">(iv) Securities acquired from the issuer in a transaction subject to the conditions of Regulation CE (§ 230.1001);</div><div data-outputclass="indent2" class="indent2">(v) Equity securities of domestic issuers acquired in a transaction or chain of transactions subject to the conditions of § 230.901 or § 230.903 under Regulation S (§ 230.901 through § 230.905, and Preliminary Notes);</div><div data-outputclass="indent2" class="indent2">(vi) Securities acquired in a transaction made under § 230.801 to the same extent and proportion that the securities held by the security holder of the class with respect to which the rights offering was made were, as of the record date for the rights offering, "restricted securities" within the meaning of this paragraph (a)(3);</div><div data-outputclass="indent2" class="indent2">(vii) Securities acquired in a transaction made under § 230.802 to the same extent and proportion that the securities that were tendered or exchanged in the exchange offer or business combination were "restricted securities" within the meaning of this paragraph (a)(3); and</div><div data-outputclass="indent2" class="indent2">(viii) Securities acquired from the issuer in a transaction subject to an exemption under section 4(5) (15 U.S.C. 77d(5)) of the Act.</div><div data-outputclass="indent1" class="indent1">(4) The term <i class="ph i">debt securities</i> means:</div><div data-outputclass="indent2" class="indent2">(i) Any security other than an equity security as defined in § 230.405;</div><div data-outputclass="indent2" class="indent2">(ii) Non-participatory preferred stock, which is defined as non-convertible capital stock, the holders of which are entitled to a preference in payment of dividends and in distribution of assets on liquidation, dissolution, or winding up of the issuer, but are not entitled to participate in residual earnings or assets of the issuer; and</div><div data-outputclass="indent2" class="indent2">(iii) Asset-backed securities, as defined in § 229.1101 of this chapter.</div><div class="p">(b) <b class="ph b"><i class="ph i">Conditions to be met.</i></b> Subject to paragraph (i) of this section, the following conditions must be met:</div><div data-outputclass="indent1" class="indent1">(1) <b class="ph b"><i class="ph i">Non-affiliates.</i></b> (i) If the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 (the Exchange Act), any person who is not an affiliate of the issuer at the time of the sale, and has not been an affiliate during the preceding three months, who sells restricted securities of the issuer for his or her own account shall be deemed not to be an underwriter of those securities within the meaning of section 2(a)(11) of the Act if all of the conditions of paragraphs (c)(1) and (d) of this section are met. The requirements of paragraph (c)(1) of this section shall not apply to restricted securities sold for the account of a person who is not an affiliate of the issuer at the time of the sale and has not been an affiliate during the preceding three months, provided a period of one year has elapsed since the later of the date the securities were acquired from the issuer or from an affiliate of the issuer.</div><div data-outputclass="indent2" class="indent2">(ii) If the issuer of the securities is not, or has not been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act, any person who is not an affiliate of the issuer at the time of the sale, and has not been an affiliate during the preceding three months, who sells restricted securities of the issuer for his or her own account shall be deemed not to be an underwriter of those securities within the meaning of section 2(a)(11) of the Act if the condition of paragraph (d) of this section is met.</div><div data-outputclass="indent1" class="indent1">(2) <b class="ph b"><i class="ph i">Affiliates or persons selling on behalf of affiliates.</i></b> Any affiliate of the issuer, or any person who was an affiliate at any time during the 90 days immediately before the sale, who sells restricted securities, or any person who sells restricted or any other securities for the account of an affiliate of the issuer of such securities, or any person who sells restricted or any other securities for the account of a person who was an affiliate at any time during the 90 days immediately before the sale, shall be deemed not to be an underwriter of those securities within the meaning of section 2(a)(11) of the Act if all of the conditions of this section are met.</div><div class="p">(c) <b class="ph b"><i class="ph i">Current public information.</i></b> Adequate current public information with respect to the issuer of the securities must be available. Such information will be deemed to be available only if the applicable condition set forth in this paragraph is met:</div><div data-outputclass="indent1" class="indent1">(1) <b class="ph b"><i class="ph i">Reporting issuers.</i></b> The issuer is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has:</div><div data-outputclass="indent2" class="indent2">(i) Filed all required reports under section 13 or 15(d) of the Exchange Act, as applicable, during the 12 months preceding such sale (or for such shorter period that the issuer was required to file such reports), other than Form 8-K reports (§ 249.308 of this chapter); and</div><div data-outputclass="indent2" class="indent2">(ii) Submitted electronically every Interactive Data File (§ 232.11 of this chapter) required to be submitted pursuant to § 232.405 of this chapter, during the 12 months preceding such sale (or for such shorter period that the issuer was required to submit such files); or</div><div data-outputclass="indent1" class="indent1">(2) <b class="ph b"><i class="ph i">Non-reporting issuers.</i></b> If the issuer is not subject to the reporting requirements of section 13 or 15(d) of the Exchange Act, there is publicly available the information concerning the issuer specified in paragraphs (b)(5)(i)(A) to (N), inclusive, and paragraph (b)(5)(i)(P) of § 240.15c2-11 of this chapter, or, if the issuer is an insurance company, the information specified in section 12(g)(2)(G)(i) of the Exchange Act (15 U.S.C. 78<i class="ph i">l</i>(g)(2)(G)(i)).</div><div class="p">Note to § 230.144(c):</div><div class="p">With respect to paragraph (c)(1), the person can rely upon:</div><div class="p">1. A statement in whichever is the most recent report, quarterly or annual, required to be filed and filed by the issuer that such issuer has:</div><div class="p">a. Filed all reports required under section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), other than Form 8-K reports (§ 249.308 of this chapter), and has been subject to such filing requirements for the past 90 days; and</div><div class="p">b. Submitted electronically every Interactive Data File (§ 232.11 of this chapter) required to be submitted pursuant to § 232.405 of this chapter, during the preceding 12 months (or for such shorter period that the issuer was required to submit such files); or</div><div class="p">2. A written statement from the issuer that it has complied with such reporting or submission requirements.</div><div class="p">3. Neither type of statement may be relied upon, however, if the person knows or has reason to believe that the issuer has not complied with such requirements.</div><div class="p">(d) <b class="ph b"><i class="ph i">Holding period for restricted securities.</i></b> If the securities sold are restricted securities, the following provisions apply:</div><div data-outputclass="indent1" class="indent1">(1) <b class="ph b"><i class="ph i">General rule.</i></b> (i) If the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act, a minimum of six months must elapse between the later of the date of the acquisition of the securities from the issuer, or from an affiliate of the issuer, and any resale of such securities in reliance on this section for the account of either the acquiror or any subsequent holder of those securities.</div><div data-outputclass="indent2" class="indent2">(ii) If the issuer of the securities is not, or has not been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act, a minimum of one year must elapse between the later of the date of the acquisition of the securities from the issuer, or from an affiliate of the issuer, and any resale of such securities in reliance on this section for the account of either the acquiror or any subsequent holder of those securities.</div><div data-outputclass="indent2" class="indent2">(iii) If the acquiror takes the securities by purchase, the holding period shall not begin until the full purchase price or other consideration is paid or given by the person acquiring the securities from the issuer or from an affiliate of the issuer.</div><div data-outputclass="indent1" class="indent1">(2) <b class="ph b"><i class="ph i">Promissory notes, other obligations or installment contracts.</i></b> Giving the issuer or affiliate of the issuer from whom the securities were purchased a promissory note or other obligation to pay the purchase price, or entering into an installment purchase contract with such seller, shall not be deemed full payment of the purchase price unless the promissory note, obligation or contract:</div><div data-outputclass="indent2" class="indent2">(i) Provides for full recourse against the purchaser of the securities;</div><div data-outputclass="indent2" class="indent2">(ii) Is secured by collateral, other than the securities purchased, having a fair market value at least equal to the purchase price of the securities purchased; and</div><div data-outputclass="indent2" class="indent2">(iii) Shall have been discharged by payment in full prior to the sale of the securities.</div><div data-outputclass="indent1" class="indent1">(3) <b class="ph b"><i class="ph i">Determination of holding period.</i></b> The following provisions shall apply for the purpose of determining the period securities have been held:</div><div data-outputclass="indent2" class="indent2">(i) <b class="ph b"><i class="ph i">Stock dividends, splits and recapitalizations.</i></b> Securities acquired from the issuer as a dividend or pursuant to a stock split, reverse split or recapitalization shall be deemed to have been acquired at the same time as the securities on which the dividend or, if more than one, the initial dividend was paid, the securities involved in the split or reverse split, or the securities surrendered in connection with the recapitalization.</div><div data-outputclass="indent2" class="indent2">(ii) <b class="ph b"><i class="ph i">Conversions and exchanges.</i></b> If the securities sold were acquired from the issuer solely in exchange for other securities of the same issuer, the newly acquired securities shall be deemed to have been acquired at the same time as the securities surrendered for conversion or exchange, even if the securities surrendered were not convertible or exchangeable by their terms.</div><div class="p">Note to § 230.144(d)(3)(ii):</div><div class="p">If the surrendered securities originally did not provide for cashless conversion or exchange by their terms and the holder provided consideration, other than solely securities of the same issuer, in connection with the amendment of the surrendered securities to permit cashless conversion or exchange, then the newly acquired securities shall be deemed to have been acquired at the same time as such amendment to the surrendered securities, so long as, in the conversion or exchange, the securities sold were acquired from the issuer solely in exchange for other securities of the same issuer.</div><div data-outputclass="indent2" class="indent2">(iii) <b class="ph b"><i class="ph i">Contingent issuance of securities.</i></b> Securities acquired as a contingent payment of the purchase price of an equity interest in a business, or the assets of a business, sold to the issuer or an affiliate of the issuer shall be deemed to have been acquired at the time of such sale if the issuer or affiliate was then committed to issue the securities subject only to conditions other than the payment of further consideration for such securities. An agreement entered into in connection with any such purchase to remain in the employment of, or not to compete with, the issuer or affiliate or the rendering of services pursuant to such agreement shall not be deemed to be the payment of further consideration for such securities.</div><div data-outputclass="indent2" class="indent2">(iv) <b class="ph b"><i class="ph i">Pledged securities.</i></b> Securities which are bona-fide pledged by an affiliate of the issuer when sold by the pledgee, or by a purchaser, after a default in the obligation secured by the pledge, shall be deemed to have been acquired when they were acquired by the pledgor, except that if the securities were pledged without recourse they shall be deemed to have been acquired by the pledgee at the time of the pledge or by the purchaser at the time of purchase.</div><div data-outputclass="indent2" class="indent2">(v) <b class="ph b"><i class="ph i">Gifts of securities.</i></b> Securities acquired from an affiliate of the issuer by gift shall be deemed to have been acquired by the donee when they were acquired by the donor.</div><div data-outputclass="indent2" class="indent2">(vi) <b class="ph b"><i class="ph i">Trusts.</i></b> Where a trust settlor is an affiliate of the issuer, securities acquired from the settlor by the trust, or acquired from the trust by the beneficiaries thereof, shall be deemed to have been acquired when such securities were acquired by the settlor.</div><div data-outputclass="indent2" class="indent2">(vii) <b class="ph b"><i class="ph i">Estates.</i></b> Where a deceased person was an affiliate of the issuer, securities held by the estate of such person or acquired from such estate by the estate beneficiaries shall be deemed to have been acquired when they were acquired by the deceased person, except that no holding period is required if the estate is not an affiliate of the issuer or if the securities are sold by a beneficiary of the estate who is not such an affiliate.</div><div class="p">Note to § 230.1449d)(3)(vi)):</div><div class="p">While there is no holding period or amount limitation for estates and estate beneficiaries which are not affiliates of the issuer, paragraphs (c) and (h) of this section apply to securities sold by such persons in reliance upon this section.</div><div data-outputclass="indent2" class="indent2">(viii) <b class="ph b"><i class="ph i">Rule 145(a) transactions.</i></b> The holding period for securities acquired in a transaction specified in § 230.145(a) shall be deemed to commence on the date the securities were acquired by the purchaser in such transaction, except as otherwise provided in paragraphs (d)(3)(ii) and (ix) of this section.</div><div data-outputclass="indent2" class="indent2">(ix) <b class="ph b"><i class="ph i">Holding company formations.</i></b> Securities acquired from the issuer in a transaction effected solely for the purpose of forming a holding company shall be deemed to have been acquired at the same time as the securities of the predecessor issuer exchanged in the holding company formation where:</div><div data-outputclass="indent3" class="indent3">(A) The newly formed holding company's securities were issued solely in exchange for the securities of the predecessor company as part of a reorganization of the predecessor company into a holding company structure;</div><div data-outputclass="indent3" class="indent3">(B) Holders received securities of the same class evidencing the same proportional interest in the holding company as they held in the predecessor, and the rights and interests of the holders of such securities are substantially the same as those they possessed as holders of the predecessor company's securities; and</div><div data-outputclass="indent3" class="indent3">(C) Immediately following the transaction, the holding company has no significant assets other than securities of the predecessor company and its existing subsidiaries and has substantially the same assets and liabilities on a consolidated basis as the predecessor company had before the transaction.</div><div data-outputclass="indent2" class="indent2">(x) <b class="ph b"><i class="ph i">Cashless exercise of options and warrants.</i></b> If the securities sold were acquired from the issuer solely upon cashless exercise of options or warrants issued by the issuer, the newly acquired securities shall be deemed to have been acquired at the same time as the exercised options or warrants, even if the options or warrants exercised originally did not provide for cashless exercise by their terms.</div><div class="p">Note 1 to § 230.144(d)(3)(x):</div><div class="p">If the options or warrants originally did not provide for cashless exercise by their terms and the holder provided consideration, other than solely securities of the same issuer, in connection with the amendment of the options or warrants to permit cashless exercise, then the newly acquired securities shall be deemed to have been acquired at the same time as such amendment to the options or warrants so long as the exercise itself was cashless.</div><div class="p">Note 2 to § 230.144(d)(3)(x):</div><div class="p">If the options or warrants are not purchased for cash or property and do not create any investment risk to the holder, as in the case of employee stock options, the newly acquired securities shall be deemed to have been acquired at the time the options or warrants are exercised, so long as the full purchase price or other consideration for the newly acquired securities has been paid or given by the person acquiring the securities from the issuer or from an affiliate of the issuer at the time of exercise.</div><div class="p">(e) <b class="ph b"><i class="ph i">Limitation on amount of securities sold.</i></b> Except as hereinafter provided, the amount of securities sold for the account of an affiliate of the issuer in reliance upon this section shall be determined as follows:</div><div data-outputclass="indent1" class="indent1">(1) If any securities are sold for the account of an affiliate of the issuer, regardless of whether those securities are restricted, the amount of securities sold, together with all sales of securities of the same class sold for the account of such person within the preceding three months, shall not exceed the greatest of:</div><div data-outputclass="indent2" class="indent2">(i) One percent of the shares or other units of the class outstanding as shown by the most recent report or statement published by the issuer, or</div><div data-outputclass="indent2" class="indent2">(ii) The average weekly reported volume of trading in such securities on all national securities exchanges and/or reported through the automated quotation system of a registered securities association during the four calendar weeks preceding the filing of notice required by paragraph (h), or if no such notice is required the date of receipt of the order to execute the transaction by the broker or the date of execution of the transaction directly with a market maker, or</div><div data-outputclass="indent2" class="indent2">(iii) The average weekly volume of trading in such securities reported pursuant to an <i class="ph i">effective transaction reporting plan</i> or an <i class="ph i">effective national market system plan</i> as those terms are defined in § 242.600 of this chapter during the four-week period specified in paragraph (e)(1)(ii) of this section.</div><div data-outputclass="indent1" class="indent1">(2) If the securities sold are debt securities, then the amount of debt securities sold for the account of an affiliate of the issuer, regardless of whether those securities are restricted, shall not exceed the greater of the limitation set forth in paragraph (e)(1) of this section or, together with all sales of securities of the same tranche (or class when the securities are non-participatory preferred stock) sold for the account of such person within the preceding three months, ten percent of the principal amount of the tranche (or class when the securities are non-participatory preferred stock) attributable to the securities sold.</div><div data-outputclass="indent1" class="indent1">(3) <b class="ph b"><i class="ph i">Determination of amount.</i></b> For the purpose of determining the amount of securities specified in paragraph (e)(1) of this section and, as applicable, paragraph (e)(2) of this section, the following provisions shall apply:</div><div data-outputclass="indent2" class="indent2">(i) Where both convertible securities and securities of the class into which they are convertible are sold, the amount of convertible securities sold shall be deemed to be the amount of securities of the class into which they are convertible for the purpose of determining the aggregate amount of securities of both classes sold;</div><div data-outputclass="indent2" class="indent2">(ii) The amount of securities sold for the account of a pledgee of those securities, or for the account of a purchaser of the pledged securities, during any period of three months within six months (or within one year if the issuer of the securities is not, or has not been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act) after a default in the obligation secured by the pledge, and the amount of securities sold during the same three-month period for the account of the pledgor shall not exceed, in the aggregate, the amount specified in paragraph (e)(1) or (2) of this section, whichever is applicable;</div><div class="p">Note to § 230.144(e)(3)(ii):</div><div class="p">Sales by a pledgee of securities pledged by a borrower will not be aggregated under paragraph (e)(3)(ii) with sales of the securities of the same issuer by other pledgees of such borrower in the absence of concerted action by such pledgees.</div><div data-outputclass="indent2" class="indent2">(iii) The amount of securities sold for the account of a donee of those securities during any three-month period within six months (or within one year if the issuer of the securities is not, or has not been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act) after the donation, and the amount of securities sold during the same three-month period for the account of the donor, shall not exceed, in the aggregate, the amount specified in paragraph (e)(1) or (2) of this section, whichever is applicable;</div><div data-outputclass="indent2" class="indent2">(iv) Where securities were acquired by a trust from the settlor of the trust, the amount of such securities sold for the account of the trust during any three-month period within six months (or within one year if the issuer of the securities is not, or has not been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act) after the acquisition of the securities by the trust, and the amount of securities sold during the same three-month period for the account of the settlor, shall not exceed, in the aggregate, the amount specified in paragraph (e)(1) or (2) of this section, whichever is applicable;</div><div data-outputclass="indent2" class="indent2">(v) The amount of securities sold for the account of the estate of a deceased person, or for the account of a beneficiary of such estate, during any three-month period and the amount of securities sold during the same three-month period for the account of the deceased person prior to his death shall not exceed, in the aggregate, the amount specified in paragraph (e)(1) or (2) of this section, whichever is applicable: <i class="ph i">Provided,</i> that no limitation on amount shall apply if the estate or beneficiary of the estate is not an affiliate of the issuer;</div><div data-outputclass="indent2" class="indent2">(vi) When two or more affiliates or other persons agree to act in concert for the purpose of selling securities of an issuer, all securities of the same class sold for the account of all such persons during any three-month period shall be aggregated for the purpose of determining the limitation on the amount of securities sold;</div><div data-outputclass="indent2" class="indent2">(vii) The following sales of securities need not be included in determining the amount of securities to be sold in reliance upon this section:</div><div data-outputclass="indent3" class="indent3">(A) Securities sold pursuant to an effective registration statement under the Act;</div><div data-outputclass="indent3" class="indent3">(B) Securities sold pursuant to an exemption provided by Regulation A (§ 230.251 through § 230.263) under the Act;</div><div data-outputclass="indent3" class="indent3">(C) Securities sold in a transaction exempt pursuant to section 4 of the Act (15 U.S.C. 77d) and not involving any public offering; and</div><div data-outputclass="indent3" class="indent3">(D) Securities sold offshore pursuant to Regulation S (§ 230.901 through § 230.905, and Preliminary Notes) under the Act.</div><div class="p">(f) <b class="ph b"><i class="ph i">Manner of sale.</i></b></div><div data-outputclass="indent1" class="indent1">(1) The securities shall be sold in one of the following manners:</div><div data-outputclass="indent2" class="indent2">(i) <b class="ph b"><i class="ph i">Brokers' transactions</i></b> within the meaning of section 4(4) of the Act;</div><div data-outputclass="indent2" class="indent2">(ii) Transactions directly with a <i class="ph i">market maker</i>, as that term is defined in section 3(a)(38) of the Exchange Act; or</div><div data-outputclass="indent2" class="indent2">(iii) <b class="ph b"><i class="ph i">Riskless principal transactions</i></b> where:</div><div data-outputclass="indent3" class="indent3">(A) The offsetting trades must be executed at the same price (exclusive of an explicitly disclosed markup or markdown, commission equivalent, or other fee);</div><div data-outputclass="indent3" class="indent3">(B) The transaction is permitted to be reported as riskless under the rules of a self-regulatory organization; and</div><div data-outputclass="indent3" class="indent3">(C) The requirements of paragraphs (g)(2) (applicable to any markup or markdown, commission equivalent, or other fee), (g)(3), and (g)(4) of this section are met.</div><div class="p">Note to § 230.144(f)(1):</div><div class="p">For purposes of this paragraph, a <i class="ph i">riskless principal transaction</i> means a principal transaction where, after having received from a customer an order to buy, a broker or dealer purchases the security as principal in the market to satisfy the order to buy or, after having received from a customer an order to sell, sells the security as principal to the market to satisfy the order to sell.</div><div data-outputclass="indent1" class="indent1">(2) The person selling the securities shall not:</div><div data-outputclass="indent2" class="indent2">(i) Solicit or arrange for the solicitation of orders to buy the securities in anticipation of or in connection with such transaction, or</div><div data-outputclass="indent2" class="indent2">(ii) Make any payment in connection with the offer or sale of the securities to any person other than the broker or dealer who executes the order to sell the securities.</div><div data-outputclass="indent1" class="indent1">(3) Paragraph (f) of this section shall not apply to:</div><div data-outputclass="indent2" class="indent2">(i) Securities sold for the account of the estate of a deceased person or for the account of a beneficiary of such estate provided the estate or estate beneficiary is not an affiliate of the issuer; or</div><div data-outputclass="indent2" class="indent2">(ii) Debt securities.</div><div class="p">(g) <b class="ph b"><i class="ph i">Brokers' transactions.</i></b> The term <i class="ph i">brokers' transactions</i> in section 4(4) of the Act shall for the purposes of this rule be deemed to include transactions by a broker in which such broker:</div><div data-outputclass="indent1" class="indent1">(1) Does no more than execute the order or orders to sell the securities as agent for the person for whose account the securities are sold;</div><div data-outputclass="indent1" class="indent1">(2) Receives no more than the usual and customary broker's commission;</div><div data-outputclass="indent1" class="indent1">(3) Neither solicits nor arranges for the solicitation of customers' orders to buy the securities in anticipation of or in connection with the transaction; <i class="ph i">Provided,</i> that the foregoing shall not preclude:</div><div data-outputclass="indent2" class="indent2">(i) Inquiries by the broker of other brokers or dealers who have indicated an interest in the securities within the preceding 60 days;</div><div data-outputclass="indent2" class="indent2">(ii) Inquiries by the broker of his customers who have indicated an unsolicited bona fide interest in the securities within the preceding 10 business days;</div><div data-outputclass="indent2" class="indent2">(iii) The publication by the broker of bid and ask quotations for the security in an inter-dealer quotation system provided that such quotations are incident to the maintenance of a bona fide inter-dealer market for the security for the broker's own account and that the broker has published bona fide bid and ask quotations for the security in an inter-dealer quotation system on each of at least twelve days within the preceding thirty calendar days with no more than four business days in succession without such two-way quotations; or</div><div data-outputclass="indent2" class="indent2">(iv) The publication by the broker of bid and ask quotations for the security in an alternative trading system, as defined in § 242.300 of this chapter, provided that the broker has published bona fide bid and ask quotations for the security in the alternative trading system on each of the last twelve business days; and</div><div class="p">Note to § 230.144(g)(3)(ii):</div><div class="p">The broker should obtain and retain in his files written evidence of indications of bona fide unsolicited interest by his customers in the securities at the time such indications are received.</div><div data-outputclass="indent1" class="indent1">(4) After reasonable inquiry is not aware of circumstances indicating that the person for whose account the securities are sold is an underwriter with respect to the securities or that the transaction is a part of a distribution of securities of the issuer. Without limiting the foregoing, the broker shall be deemed to be aware of any facts or statements contained in the notice required by paragraph (h) of this section.</div><div class="p">Notes:</div><div class="p">(i) The broker, for his own protection, should obtain and retain in his files a copy of the notice required by paragraph (h) of this section.</div><div class="p">(ii) The reasonable inquiry required by paragraph (g)(3) of this section should include, but not necessarily be limited to, inquiry as to the following matters:</div><div class="p">(<i class="ph i">a</i>) The length of time the securities have been held by the person for whose account they are to be sold. If practicable, the inquiry should include physical inspection of the securities;</div><div class="p">(<i class="ph i">b</i>) The nature of the transaction in which the securities were acquired by such person;</div><div class="p">(<i class="ph i">c</i>) The amount of securities of the same class sold during the past 3 months by all persons whose sales are required to be taken into consideration pursuant to paragraph (e) of this section;</div><div class="p">(<i class="ph i">d</i>) Whether such person intends to sell additional securities of the same class through any other means;</div><div class="p">(<i class="ph i">e</i>) Whether such person has solicited or made any arrangement for the solicitation of buy orders in connection with the proposed sale of securities;</div><div class="p">(<i class="ph i">f</i>) Whether such person has made any payment to any other person in connection with the proposed sale of the securities; and</div><div class="p">(<i class="ph i">g</i>) The number of shares or other units of the class outstanding, or the relevant trading volume.</div><div class="p">(h) <b class="ph b"><i class="ph i">Notice of proposed sale.</i></b></div><div data-outputclass="indent1" class="indent1">(1) <b class="ph b"><i class="ph i">Reporting issuers</i></b>. If the issuer is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and the amount of securities to be sold in reliance upon this rule during any period of three months exceeds 5,000 shares or other units or has an aggregate sale price in excess of $50,000, a notice on Form 144 (§ 239.144 of this chapter) shall be filed electronically with the Commission.</div><div data-outputclass="indent1" class="indent1">(2) <b class="ph b"><i class="ph i">Non-reporting issuers</i></b>. If the issuer is not subject to the reporting requirements of section 13 or 15(d) of the Exchange Act, and the amount of securities to be sold in reliance upon this rule during any period of three months exceeds 5,000 shares or other units or has an aggregate sale price in excess of $50,000, three copies of a notice on Form 144 (§ 239.144 of this chapter) shall be filed with the Commission.</div><div data-outputclass="indent1" class="indent1">(3) The Form 144 shall be signed by the person for whose account the securities are to be sold and shall be transmitted for filing concurrently with either the placing with a broker of an order to execute a sale of securities in reliance upon this rule or the execution directly with a market maker of such a sale. Neither the filing of such notice nor the failure of the Commission to comment on such notice shall be deemed to preclude the Commission from taking any action that it deems necessary or appropriate with respect to the sale of the securities referred to in such notice. The person filing the notice required by this paragraph shall have a bona fide intention to sell the securities referred to in the notice within a reasonable time after the filing of such notice.</div><div class="p">(i) <b class="ph b"><i class="ph i">Unavailability to securities of issuers with no or nominal operations and no or nominal non-cash assets.</i></b></div><div data-outputclass="indent1" class="indent1">(1) This section is not available for the resale of securities initially issued by an issuer defined below:</div><div data-outputclass="indent2" class="indent2">(i) An issuer, other than a business combination related shell company, as defined in § 230.405, or an asset-backed issuer, as defined in Item 1101(b) of Regulation AB (§ 229.1101(b) of this chapter), that has:</div><div data-outputclass="indent3" class="indent3">(A) No or nominal operations; and</div><div data-outputclass="indent3" class="indent3">(B) Either:</div><div data-outputclass="indent4" class="indent4">(<i class="ph i">1</i>) No or nominal assets;</div><div data-outputclass="indent4" class="indent4">(<i class="ph i">2</i>) Assets consisting solely of cash and cash equivalents; or</div><div data-outputclass="indent4" class="indent4">(<i class="ph i">3</i>) Assets consisting of any amount of cash and cash equivalents and nominal other assets; or</div><div data-outputclass="indent2" class="indent2">(ii) An issuer that has been at any time previously an issuer described in paragraph (i)(1)(i).</div><div data-outputclass="indent1" class="indent1">(2) Notwithstanding paragraph (i)(1), if the issuer of the securities previously had been an issuer described in paragraph (i)(1)(i) but has ceased to be an issuer described in paragraph (i)(1)(i); is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act; has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports (§ 249.308 of this chapter); and has filed current "Form 10 information" with the Commission reflecting its status as an entity that is no longer an issuer described in paragraph (i)(1)(i), then those securities may be sold subject to the requirements of this section after one year has elapsed from the date that the issuer filed "Form 10 information" with the Commission.</div><div data-outputclass="indent1" class="indent1">(3) The term "Form 10 information" means the information that is required by Form 10 or Form 20-F (§ 249.210 or § 249.220f of this chapter), as applicable to the issuer of the securities, to register under the Exchange Act each class of securities being sold under this rule. The issuer may provide the Form 10 information in any filing of the issuer with the Commission. The Form 10 information is deemed filed when the initial filing is made with the Commission.</div><div class="p">[37 FR 596, Jan. 14, 1972]</div><sup class="ph sup">Editorial Note</sup> <div class="p"><b class="ph b">Editorial Note:</b> For Federal Register citations affecting § 230.144, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at <i class="ph i">www.govinfo.gov.</i></div></div></div> </div></div>  </div> </div> </div> </div> <div class="footnote aem-GridColumn aem-GridColumn--default--12"><div class="footnotes"> </div> </div> <div class="content-copyright aem-GridColumn aem-GridColumn--default--12"> <div class="doc-body-copyright"> <p>This is a work of the U.S. Government</p> </div></div> </div> </div> </div> </div> <div id="navbar-toc" class="navbar-toc"> <div class="toc-action-navbar toc-wrapper toc-page-nav is-hidden-mobile"> <div class="toc_icon"> <ul> <li class="list-view-icon non-static-toc toc-button icon-ToC" data-title="Click to see more contents related to this"> <a href="#"> <img src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/toc-new-icon.svg" class="list-view-icon icon-ToC"/> <span class="nav-title icon-ToC">Table of contents</span> </a> </li> <li class="stick-nav-title" style="display: none;">§ 230.144 Persons deemed not to be engaged in a distribution and therefore not underwriters.</li> </ul> </div> <div> <ul class="share_icons"> <li> <div class="favorites-toggle favorite-list-component" data-page-path="/content/pwc-madison/ditaroot/us/en/sec/regulations/securities_act_rule/securities_act_rule_US/rule_144_persons_dee_US" data-page-href="https://viewpoint.pwc.com/dt/us/en/sec/regulations/securities_act_rule/securities_act_rule_US/rule_144_persons_dee_US.html" data-is-content-page="true"> <div> <span> <div class="favorite-toggle-tooltip">Add to favorites</div> </span> </div> </div> </li> <li style="display: none"> <a href="javascript:void(0);" data-title="Open Join view in a new tab" onclick="joinbtnclick();" class="icon-Join"></a> </li> <li> </li> <li> <a data-title="Share" href="javascript:void(0);" class="icon-share share-tooltip-popout" data-tooltip-content="#toolbar_tip_home" data-tippy-placement="bottom"></a> </li> <li> <a href="javascript:void(0);" data-title="Copy Link" onclick="copyToClipboard();" class="icon-link link-tooltip-popout"></a> </li> <li> <a href="javascript:void(0);" data-title="Download and print entire guide. 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"Setup your profile before Sign In" : "Profile"}}</h2> <p class="title-description">{{editProfile.email}}</p> </div> </div> <div class="columns field-top-margin"> <div class="column is-6 is-mobile"> <div class="field-body"> <div class="field"> <label class="label" for="edit-first-name">First name*</label> <div class="control"> <input class="input is-shadowless is-radiusless" type="text" disabled v-model="editProfile.firstName" @blur="validateRequired('firstName')" id="edit-first-name" placeholder="First name"/> </div> <span class="mandatory-field" v-bind:class="{'is-hidden': !validation.firstName.hasError}"> {{validation.firstName.errorMessage}}</span> </div> <div class="field"> <label class="label" for="edit-last-name">Last name*</label> <div class="control"> <input class="input is-shadowless is-radiusless" type="text" disabled v-model="editProfile.lastName" id="edit-last-name" @blur="validateRequired('lastName')" placeholder="Last name"/> </div> <span class="mandatory-field" v-bind:class="{'is-hidden': !validation.lastName.hasError}"> {{validation.lastName.errorMessage}} </span> </div> </div>  <div class="field-body"> <div class="field"> <label class="label">Country or region*</label> <div class="select is-fullwidth "> <select class="is-radiusless" ref="country" disabled v-model="editProfile.country" @change="validateRequired('country')"> <option value="">Select country or region</option> <option value="AF">Afghanistan</option> <option value="AX">Åland Islands</option> <option value="AL">Albania</option> <option value="DZ">Algeria</option> <option value="AS">American Samoa</option> <option value="AD">Andorra</option> <option value="AO">Angola</option> <option value="AI">Anguilla</option> <option value="AQ">Antarctica</option> <option value="AG">Antigua and Barbuda</option> <option value="AR">Argentina</option> <option value="AM">Armenia</option> <option value="AW">Aruba</option> <option value="AU">Australia</option> <option value="AT">Austria</option> <option value="AZ">Azerbaijan</option> <option value="BS">Bahamas</option> <option value="BH">Bahrain</option> <option value="BD">Bangladesh</option> <option value="BB">Barbados</option> <option value="BY">Belarus</option> <option value="BE">Belgium</option> <option value="BZ">Belize</option> <option value="BJ">Benin</option> <option value="BM">Bermuda</option> <option value="BT">Bhutan</option> <option value="BO">Bolivia</option> <option value="BA">Bosnia and Herzegovina</option> <option value="BW">Botswana</option> <option value="BV">Bouvet Island</option> <option value="BR">Brazil</option> <option value="IO">British Indian Ocean Territory</option> <option value="VG">British Virgin Islands</option> <option value="BN">Brunei Darussalam</option> <option value="BG">Bulgaria</option> <option value="BF">Burkina Faso</option> <option value="BI">Burundi</option> <option value="KH">Cambodia</option> <option value="CM">Cameroon</option> <option value="CA">Canada</option> <option value="CV">Cape Verde</option> <option value="KY">Cayman Islands</option> <option value="CF">Central African Republic</option> <option value="TD">Chad</option> <option value="CL">Chile</option> <option value="CN">China</option> <option value="CX">Christmas Island</option> <option value="CC">Cocos (Keeling) Islands</option> <option value="CO">Colombia</option> <option value="KM">Comoros</option> <option value="CG">Congo</option> <option value="CD">Congo - the Democratic Republic of the</option> <option value="CK">Cook Islands</option> <option value="CR">Costa Rica</option> <option value="CI">Côte d'Ivoire</option> <option value="HR">Croatia</option> <option value="CW">Curaçao</option> <option value="CY">Cyprus</option> <option value="CZ">Czech Republic</option> <option value="DK">Denmark</option> <option value="DJ">Djibouti</option> <option value="DM">Dominica</option> <option value="DO">Dominican Republic</option> <option value="EC">Ecuador</option> <option value="EG">Egypt</option> <option value="SV">El Salvador</option> <option value="GQ">Equatorial Guinea</option> <option value="ER">Eritrea</option> <option value="EE">Estonia</option> <option value="ET">Ethiopia</option> <option value="FK">Falkland Islands (Malvinas)</option> <option value="FO">Faroe Islands</option> <option value="FJ">Fiji</option> <option value="FI">Finland</option> <option value="FR">France</option> <option value="GF">French Guiana</option> <option value="PF">French Polynesia</option> <option value="TF">French Southern Territories</option> <option value="GA">Gabon</option> <option value="GM">Gambia</option> <option value="GE">Georgia</option> <option value="DE">Germany</option> <option value="GH">Ghana</option> <option value="GI">Gibraltar</option> <option value="GR">Greece</option> <option value="GL">Greenland</option> <option value="GD">Grenada</option> <option value="GP">Guadeloupe</option> <option value="GU">Guam</option> <option value="GT">Guatemala</option> <option value="XC">Guernsey</option> <option value="GG">Guernsey</option> <option value="GN">Guinea</option> <option value="GW">Guinea-Bissau</option> <option value="GY">Guyana</option> <option value="HT">Haiti</option> <option value="HM">Heard Island and McDonald Islands</option> <option value="HN">Honduras</option> <option value="HK">Hong Kong SAR, China</option> <option value="HU">Hungary</option> <option value="IS">Iceland</option> <option value="IN">India</option> <option value="ID">Indonesia</option> <option value="IQ">Iraq</option> <option value="IE">Ireland</option> <option value="IM">Isle of Man</option> <option value="IL">Israel</option> <option value="IT">Italy</option> <option value="JM">Jamaica</option> <option value="JP">Japan</option> <option value="XD">Jersey</option> <option value="JE">Jersey</option> <option value="JO">Jordan</option> <option value="KZ">Kazakhstan</option> <option value="KE">Kenya</option> <option value="KI">Kiribati</option> <option value="XK">Kosovo</option> <option value="KW">Kuwait</option> <option value="KG">Kyrgyzstan</option> <option value="LA">Laos</option> <option value="LV">Latvia</option> <option value="LB">Lebanon</option> <option value="LS">Lesotho</option> <option value="LR">Liberia</option> <option value="LY">Libya</option> <option value="LI">Liechtenstein</option> <option value="LT">Lithuania</option> <option value="LU">Luxembourg</option> <option value="MO">Macau SAR, China</option> <option value="MK">Macedonia</option> <option value="MG">Madagascar</option> <option value="MW">Malawi</option> <option value="MY">Malaysia</option> <option value="MV">Maldives</option> <option value="ML">Mali</option> <option value="MT">Malta</option> <option value="MH">Marshall Islands</option> <option value="MQ">Martinique</option> <option value="MR">Mauritania</option> <option value="MU">Mauritius</option> <option value="YT">Mayotte</option> <option value="MX">Mexico</option> <option value="FM">Micronesia</option> <option value="MD">Moldova</option> <option value="MC">Monaco</option> <option value="MN">Mongolia</option> <option value="ME">Montenegro</option> <option value="MS">Montserrat</option> <option value="MA">Morocco</option> <option value="MZ">Mozambique</option> <option value="MM">Myanmar</option> <option value="NA">Namibia</option> <option value="NR">Nauru</option> <option value="NP">Nepal</option> <option value="NL">Netherlands</option> <option value="NC">New Caledonia</option> <option value="NZ">New Zealand</option> <option value="NI">Nicaragua</option> <option value="NE">Niger</option> <option value="NG">Nigeria</option> <option value="NU">Niue</option> <option value="NF">Norfolk Island</option> <option value="MP">Northern Marianas</option> <option value="NO">Norway</option> <option value="OM">Oman</option> <option value="PK">Pakistan</option> <option value="PW">Palau</option> <option value="PS">Palestinian Territory - Occupied</option> <option value="PA">Panama</option> <option value="PG">Papua New Guinea</option> <option value="PY">Paraguay</option> <option value="PE">Peru</option> <option value="PH">Philippines</option> <option value="PN">Pitcairn</option> <option value="PL">Poland</option> <option value="PT">Portugal</option> <option value="PR">Puerto Rico</option> <option value="QA">Qatar</option> <option value="RE">Reunion</option> <option value="RO">Romania</option> <option value="RU">Russia</option> <option value="RW">Rwanda</option> <option value="BL">Saint Barthélemy</option> <option value="MF">Saint Martin (French part)</option> <option value="PM">Saint Pierre and Miquelon</option> <option value="VC">Saint Vincent and the Grenadines</option> <option value="WS">Samoa</option> <option value="SM">San Marino</option> <option value="ST">Sao Tome and Principe</option> <option value="SA">Saudi Arabia</option> <option value="SN">Senegal</option> <option value="RS">Serbia</option> <option value="SC">Seychelles</option> <option value="SL">Sierra Leone</option> <option value="SG">Singapore</option> <option value="SK">Slovakia</option> <option value="SI">Slovenia</option> <option value="SB">Solomon Islands</option> <option value="SO">Somalia</option> <option value="ZA">South Africa</option> <option value="GS">South Georgia and the South Sandwich Islands</option> <option value="KR">South Korea</option> <option value="ES">Spain</option> <option value="LK">Sri Lanka</option> <option value="SH">St. Helena</option> <option value="KN">St. Kitts</option> <option value="LC">St. Lucia</option> <option value="SR">Suriname</option> <option value="SJ">Svalbard and Jan Mayen</option> <option value="SZ">Swaziland</option> <option value="SE">Sweden</option> <option value="CH">Switzerland</option> <option value="TW">Taiwan</option> <option value="TJ">Tajikistan</option> <option value="TZ">Tanzania - United Republic of</option> <option value="TH">Thailand</option> <option value="TL">Timor-Leste</option> <option value="TG">Togo</option> <option value="TK">Tokelau</option> <option value="TO">Tonga</option> <option value="TT">Trinidad and Tobago</option> <option value="TN">Tunisia</option> <option value="TR">Turkey</option> <option value="TM">Turkmenistan</option> <option value="TC">Turks and Caicos Islands</option> <option value="TV">Tuvalu</option> <option value="UG">Uganda</option> <option value="UA">Ukraine</option> <option value="AE">United Arab Emirates</option> <option value="UK">United Kingdom</option> <option value="GB">United Kingdom</option> <option value="US">United States</option> <option value="UM">United States Minor Outlying Islands</option> <option value="UY">Uruguay</option> <option value="VI">US Virgin Islands</option> <option value="UZ">Uzbekistan</option> <option value="VU">Vanuatu</option> <option value="VA">Vatican City</option> <option value="VE">Venezuela</option> <option value="VN">Vietnam</option> <option value="WF">Wallis and Futuna</option> <option value="EH">Western Sahara</option> <option value="YE">Yemen</option> <option value="ZM">Zambia</option> <option value="ZW">Zimbabwe</option> <option value="XX">Other</option> </select> </div> <span class="mandatory-field" v-bind:class="{'is-hidden': !validation.country.hasError}"> Required field </span> </div> </div> <div class="field"> <label class="label">Functional role</label> <div class="select is-fullwidth"> <select class="is-radiusless" v-model="editProfile.title" ref="title" :disabled="editProfile.isInternalUser"> <option value="">Select functional role</option> <option v-for="title in titleList" :value="title.id">{{title.translatedTitles[locale] || title.title}}</option> </select> </div> </div>  <div class="field-body"> <div class="field"> <label class="label">Industry</label> <div class="select is-fullwidth"> <select class="is-radiusless" v-model="editProfile.industry" @change="validateIndustry" ref="industry"> <option value="">Select industry</option> <option v-for="industry in industryList" :value="industry.id">{{industry.translatedTitles[editProfile.locale] || industry.title}}</option> </select> </div> </div> </div> </div> <div class="column is-6 is-mobile"> <div class="field-body"> <div class="field"> <label class="label" for="company">Company*</label> <div class="control"> <input class="input is-shadowless is-radiusless" type="text" disabled v-model="editProfile.company" id="edit-profile-company" @blur="validateCompany" placeholder="Company name"/> </div> <span class="mandatory-field" v-bind:class="{'is-hidden': !validation.company.hasError}"> Company name must be at least two characters long </span> </div> </div> <div class="field-body"> <div class="field"> <div class="control"> <span class="field-body-title">Newsletter (optional)</span> <div class="remember-me"> <label class="check"> <span class="profile-terms">Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. </span> <input type="checkbox" v-model="editProfile.subscribeToWeeklyNewsLetter"/> <span class="checkmark"></span> </label> </div> </div> </div> </div> <div v-if="isCompleteProfile" class="field-body"> <div class="field"> <div class="control"> <span class="field-body-title">Terms and Conditions*</span> <div class="remember-me"> <label class="check"> <span class="profile-terms"> By providing your details and checking the box, you acknowledge you have read the <a href="/us/en/privacy.html" target="_blank">Privacy Statement</a> and <a href="https://productcentral.products.pwc.com/us/en/legal/terms-of-use.html" target="_blank">Terms of Use</a> (including the sections in each related to Registered Users).*</span> <input type="checkbox" v-model="editProfile.tncAccepted" @change="validateTnC"/> <span class="checkmark"></span> </label> </div> <span class="mandatory-field" v-bind:class="{'is-hidden': editProfile.tncAccepted || !config.tncAccepted.attempt}"> Required field </span> </div> </div> </div> <div class="field-body"> <div class="field"> <div class="control"> <div class="remember-me"> <label class="check"> <img src='/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/orange_info_icon.svg' class='i-icon'/> <span class="profile-terms">The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. Please reach out to <a href="mailto:gbl_md_l2_support@pwc.com;"> gbl_md_l2_support@pwc.com</a> if you need any assistance modifying these fields. <br /><br /><br />Click <a href="https://privacyportal-eu-cdn.onetrust.com/dsarwebform/f13f2198-97ab-4c25-a5cd-0fca8ada2e21/eb60a416-648e-47a1-914f-4dc7fba2ce27.html"> here</a> to request deletion of your account. </span> </label> </div> </div> </div> </div> </div> </div> <div class="columns pagenumber"> <div class="column is-full"> <p class="page-numbers is-hidden-mobile is-marginless"> <span>1 of 2</span></p> </div> </div> <div class="columns footer-buttons is-marginless"> <div class="column is-grouped is-paddingless"> <div class="field-body"> <div class="control"> <button class="button is-outlined is-radiusless is-uppercase save-exit" type="button" @click="saveEditProfile(true)" :disabled="buttonDisabled" aria-label="Save and exit"> <span class="is-small">Save and exit</span> </button>  <button id="pageOneContinue" class="button next is-outlined is-radiusless is-uppercase slick-arrow" type="button" aria-disabled="false" style="" :disabled="buttonDisabled" @click="saveEditProfile(false)" aria-label="Continue">Continue</button> <span class="cancel-button-mobile"> <button class="button cancel-button is-radiusless is-shadowless is-uppercase no-border" type="button" @click="cancelModal" aria-label="Cancel">Cancel</button> </span> </div> </div> </div> </div> </fieldset> <fieldset class="content is-marginless jquery-step2 body show-account-menu current" id="editPreferencesTerritoryLanguage" role="tabpanel" aria-labelledby="editProfile-h-1" aria-hidden="false" style="left: 0px;"> <script> function getTerritoryMap() { var madisonTerritoryMap = JSON .parse('{\x22ca\x22:{\x22territoryCode\x22:\x22ca\x22,\x22territoryName\x22:\x22Canada\x22,\x22countries\x22:[\x22CA\x22],\x22defaultLocale\x22:\x22en_ca\x22,\x22localeToLanguageMap\x22:{\x22fr_ca\x22:{\x22langTitle\x22:\x22French (FR)\x22,\x22code\x22:\x22fr\x22,\x22locale\x22:\x22fr_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22French\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_FR\x22,\x22displayOrder\x22:3,\x22homePagePath\x22:\x22\/ca\/fr.html\x22,\x22hideLanguage\x22:false},\x22en_ca\x22:{\x22langTitle\x22:\x22English (CA)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_EN\x22,\x22displayOrder\x22:2,\x22homePagePath\x22:\x22\/ca\/en.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22gx\x22:{\x22territoryCode\x22:\x22gx\x22,\x22territoryName\x22:\x22Global\x22,\x22countries\x22:[],\x22defaultLocale\x22:\x22en_gx\x22,\x22localeToLanguageMap\x22:{\x22en_gx\x22:{\x22langTitle\x22:\x22English (GX)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gx\x22,\x22searchAndPromoteID\x22:\x22sp10056c27\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_GX_EN\x22,\x22displayOrder\x22:7,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22jp\x22:{\x22territoryCode\x22:\x22jp\x22,\x22territoryName\x22:\x22Japan\x22,\x22countries\x22:[\x22JP\x22],\x22defaultLocale\x22:\x22ja_jp\x22,\x22localeToLanguageMap\x22:{\x22ja_jp\x22:{\x22langTitle\x22:\x22Japanese (JP)\x22,\x22code\x22:\x22ja\x22,\x22locale\x22:\x22ja_jp\x22,\x22searchAndPromoteID\x22:\x22sp1004f9da\x22,\x22displayLanguage\x22:\x22Japanese\x22,\x22displayLanguageI18nKey\x22:\x22Language_JP_JA\x22,\x22displayOrder\x22:9,\x22homePagePath\x22:\x22\/jp\/ja.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22yyyy\\u0027年\\u0027MM\\u0027月\\u0027dd\\u0027日\\u0027\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22rm\x22:{\x22territoryCode\x22:\x22rm\x22,\x22territoryName\x22:\x22Remediation\x22,\x22countries\x22:[],\x22defaultLocale\x22:\x22en_gx\x22,\x22localeToLanguageMap\x22:{\x22en_rm\x22:{\x22langTitle\x22:\x22English RM\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_rm\x22,\x22searchAndPromoteID\x22:\x22sp10056c27\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_RM_EN\x22,\x22displayOrder\x22:7,\x22hideLanguage\x22:true},\x22fr_rm\x22:{\x22langTitle\x22:\x22French RM\x22,\x22code\x22:\x22fr\x22,\x22locale\x22:\x22fr_rm\x22,\x22searchAndPromoteID\x22:\x22sp10056c27\x22,\x22displayLanguage\x22:\x22French\x22,\x22displayLanguageI18nKey\x22:\x22Language_RM_FR\x22,\x22displayOrder\x22:7,\x22hideLanguage\x22:true}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22uk\x22:{\x22territoryCode\x22:\x22uk\x22,\x22territoryName\x22:\x22United Kingdom\x22,\x22countries\x22:[\x22UK\x22,\x22GB\x22],\x22defaultLocale\x22:\x22en_uk\x22,\x22localeToLanguageMap\x22:{\x22en_gb\x22:{\x22langTitle\x22:\x22English (UK)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gb\x22,\x22searchAndPromoteID\x22:\x22sp10056c2a\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_UK_EN\x22,\x22displayOrder\x22:13,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22us\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true}}'); return madisonTerritoryMap; }; function getCountryToTerritoryMap() { var madisonTerritoryMap = JSON .parse('{\x22PR\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22VI\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22UK\x22:{\x22territoryCode\x22:\x22uk\x22,\x22territoryName\x22:\x22United Kingdom\x22,\x22countries\x22:[\x22UK\x22,\x22GB\x22],\x22defaultLocale\x22:\x22en_uk\x22,\x22localeToLanguageMap\x22:{\x22en_gb\x22:{\x22langTitle\x22:\x22English (UK)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gb\x22,\x22searchAndPromoteID\x22:\x22sp10056c2a\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_UK_EN\x22,\x22displayOrder\x22:13,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22JP\x22:{\x22territoryCode\x22:\x22jp\x22,\x22territoryName\x22:\x22Japan\x22,\x22countries\x22:[\x22JP\x22],\x22defaultLocale\x22:\x22ja_jp\x22,\x22localeToLanguageMap\x22:{\x22ja_jp\x22:{\x22langTitle\x22:\x22Japanese (JP)\x22,\x22code\x22:\x22ja\x22,\x22locale\x22:\x22ja_jp\x22,\x22searchAndPromoteID\x22:\x22sp1004f9da\x22,\x22displayLanguage\x22:\x22Japanese\x22,\x22displayLanguageI18nKey\x22:\x22Language_JP_JA\x22,\x22displayOrder\x22:9,\x22homePagePath\x22:\x22\/jp\/ja.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22yyyy\\u0027年\\u0027MM\\u0027月\\u0027dd\\u0027日\\u0027\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22GB\x22:{\x22territoryCode\x22:\x22uk\x22,\x22territoryName\x22:\x22United Kingdom\x22,\x22countries\x22:[\x22UK\x22,\x22GB\x22],\x22defaultLocale\x22:\x22en_uk\x22,\x22localeToLanguageMap\x22:{\x22en_gb\x22:{\x22langTitle\x22:\x22English (UK)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gb\x22,\x22searchAndPromoteID\x22:\x22sp10056c2a\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_UK_EN\x22,\x22displayOrder\x22:13,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22US\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22CA\x22:{\x22territoryCode\x22:\x22ca\x22,\x22territoryName\x22:\x22Canada\x22,\x22countries\x22:[\x22CA\x22],\x22defaultLocale\x22:\x22en_ca\x22,\x22localeToLanguageMap\x22:{\x22fr_ca\x22:{\x22langTitle\x22:\x22French (FR)\x22,\x22code\x22:\x22fr\x22,\x22locale\x22:\x22fr_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22French\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_FR\x22,\x22displayOrder\x22:3,\x22homePagePath\x22:\x22\/ca\/fr.html\x22,\x22hideLanguage\x22:false},\x22en_ca\x22:{\x22langTitle\x22:\x22English (CA)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_EN\x22,\x22displayOrder\x22:2,\x22homePagePath\x22:\x22\/ca\/en.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false}}'); return madisonTerritoryMap; } function getDefaultTerritoryCode() { return 'gx'; } function getDefaultLocale() { return 'en_gx'; } function getLocale() { return $('input[name="pageLocale"]').val() !== '' ? $('input[name="pageLocale"]').val() : getDefaultLocale(); } </script> <div class="columns profile-header-block"> <div class="column is-full"> <h2 class="title is-1">Preferences</h2> <p class="title-description">You can set the default content filter to expand search across territories.</p> </div> </div> <div class="columns field-top-margin mobile-bottom-border"> <madison-columns v-on:change-selected="validateCountries" v-on:set-primary="setPrimary" v-bind:title="'Country or region'" v-bind:column-list="territoryList" v-bind:language-list="languageList" v-bind:property-name="'territoryName'" v-bind:column-width="'8'" v-bind:property-value="'territoryCode'" v-bind:localelist-property-name="'localeToLanguageMap'" v-bind:langtitle-property-name="'displayLanguage'" v-bind:langtitle-property-value="'locale'" v-bind:selected-items="selectedCountries" v-bind:show-error-block="hasEditPreferencesTerritoryError" v-bind:error-message="editEditPreferencesTerritoryErrorMessage" v-bind:div-id="'preference-country-list'" v-bind:is-changed="isChanged"> </madison-columns> </div> <div class="columns pagenumber"> <div class="column is-full"> <p class="page-numbers is-hidden-mobile is-marginless"> <span>2 of 2</span></p> </div> </div> <div class="columns footer-buttons is-marginless"> <div class="column is-grouped is-paddingless"> <div class="field-body"> <div class="control"> <button class="button is-outlined is-radiusless is-uppercase save-exit" type="button" @click="saveEditPreferencesPageOne(true)" :disabled="buttonDisabled" aria-label="Save and exit"> <span class="is-small">Save and exit</span> </button> <button class="button previous is-radiusless is-shadowless is-uppercase no-border" type="button" :disabled="buttonDisabled" @click="previous" aria-label="Previous">Previous</button> <a class="cancel-button-mobile"> <button class="button cancel-button is-radiusless is-shadowless is-uppercase no-border userreg-modal-close" type="button">Cancel</button> </a> </div> </div> </div> </div> </fieldset> </div> </form> </div> <button class="modal-close is-large edit-modal-close" aria-label="Close"></button> </div>  <div class="gated-content-modal"> </div>  <div id="extDom" class="ne-modal-container redirect-modal" style="opacity: 0;" data-informDomain="https://inform.pwc.com" data-territories="gx,uk" data-i18n-message="After you have reviewed the content, select your territory. If your territory is not listed, please select 'Global'."> <span class="close-neModal" aria-label="close modal">✕</span> <div class="ne-modal-body"> <div class="ne-modal-content"> <p>Welcome to Viewpoint, the new platform that replaces Inform. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory.</p> </div> <button class="close-neModal" aria-label="continue">Continue</button> </div> </div>  <div id="favorite-list-controller" data-limit="10"> <div class="modal modal-favorite-limit simple-modal"> <div class="modal-background"></div> <div class="modal-content"> <h2>Viewpoint allows you to save up to 25 favorites.</h2> <p class="modal-subtitle">Consider removing one of your current favorites in order to to add a new one.</p> <div class="modal-buttons"> <a href="/us/en/favorite-list.html" class="button confirm-remove">Go to favorites</a> <button class="userreg-modal-close button close-modal">Close</button> </div> </div> </div> <div class="modal modal-confirm-remove simple-modal"> <div class="modal-background"></div> <div class="modal-content"> <h2>Are you sure you would like to remove this page from your list?</h2> <div class="modal-buttons"> <a class="button confirm-remove" @click="confirmRemove">Yes</a> <button class="userreg-modal-close button close-modal">Cancel</button> </div> </div> </div> <div class="modal modal-favorite-login simple-modal"> <div class="modal-background"></div> <div class="modal-content"> <h2>Please Sign in to set this content as a favorite.</h2> <div class="modal-buttons"> <a data-href="/bin/userreg/authenticate" ref="samlAuthLoginButton" class="button sign-in">Sign in</a> <button class="userreg-modal-close button close-modal">Cancel</button> </div> </div> </div> </div> <script id="favorite-list-component-template" type="text/x-template"> <div v-if="isContentPage" class="favorites-toggle"> <div :class="{active : isUserLoggedIn && isActive}" @click.prevent="handleClick"> <span> <div class="favorite-toggle-tooltip" :class="{hidden : hasError && showError}">Add to favorites</div> <div class="favorite-toggle-error" :class="{active : hasError && showError}"><p>An error occurred, please try again.</p></div> </span> </div> </div> <div v-else class="favorites-toggle-small" :class="[isUserLoggedIn && isActive ? 'active' : '', isWhite ? 'favorites-toggle-small--white' : '']" @click.prevent="handleClick"> <div class="favorite-toggle-error" :class="{active : hasError && showError}"><p>An error occurred, please try again.</p></div> </div> </script>  <div> <a href="#animatedHybridModal" id="hybridModal" style="visiblity: hidden"></a> <div id="animatedHybridModal" style="display: none" v-bind:style="{ display: show}"> <div class="hybrid-modal-content"> <h2 class="hybrid-title has-text-centered">License Content Availability</h2> <div> <ul class="hybrid-content-list"> <li v-for="(available, license) in licenses"> <span v-if="available" class="available">Available</span> <span v-else class="unavailable" data-text="All concurrent seats are currently in use, please try again soon.">Unavailable</span> <span>{{license}}</span> </li> </ul> <div class="hybrid-button"> <a @click="closeModal" href="javascript:;" class="button is-outlined is-radiusless btn-default close-animatedHybridModal">OK</a> </div> </div> </div> </div> </div>  <a href="#timeOutWarningPopup" id="timeOutPopup" style="visiblity: hidden"></a> <div id="timeOutWarningPopup" class="" style="display: none" v-bind:style="{ display: show}"> <div @click="closeModal" class="timeoutSession-close close-timeOutWarningPopup"><span class="icon-close-popup"></span></div> <div class="timeout-popup-content"> <h2 class="timeout-title">Stay signed in</h2> <p class="timeout-text">Are you still working? Click <a @click="extendSessionTimeout" href="javascript:;"><u>here</u></a> to extend your session to continue reading our licensed content, if not, you will be automatically logged off.</p> </div> </div>  <div class="modal gateway-body" id="removeSessionModal"> <div class="modal-background"></div> <div class="modal-content"> <div class="gateway-modal-decor"> <div class="gateway-header external-user" style="font-size:32px;"> You are already signed in on another browser or device. </div> <div class="gateway-message"> Click <b>Continue</b> if you want to automatically close other logged in sessions and continue. If you want to manually check for other active logged in sessions first, please select <b>Cancel</b> to go back to the previous page. </div> <div class="gateway-buttons"> <button class="action-btn remove-login-continue">CONTINUE</button> <button class="action-btn remove-login-cancel">CANCEL</button> </div> <div class="gateway-message"> Need some help? <a href="mailto:us_viewpoint.support@pwc.com" class="msg-click-here">Contact us</a> </div> </div> </div> <button class="modal-close is-large remove-login-continue" aria-label="CANCEL"></button> </div> </noindex>  <script> function getCountryTerritoryList(){ var countryTerritoryList = JSON.parse('{\x22PR\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22VI\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22UK\x22:{\x22territoryCode\x22:\x22uk\x22,\x22territoryName\x22:\x22United Kingdom\x22,\x22countries\x22:[\x22UK\x22,\x22GB\x22],\x22defaultLocale\x22:\x22en_uk\x22,\x22localeToLanguageMap\x22:{\x22en_gb\x22:{\x22langTitle\x22:\x22English (UK)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gb\x22,\x22searchAndPromoteID\x22:\x22sp10056c2a\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_UK_EN\x22,\x22displayOrder\x22:13,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22JP\x22:{\x22territoryCode\x22:\x22jp\x22,\x22territoryName\x22:\x22Japan\x22,\x22countries\x22:[\x22JP\x22],\x22defaultLocale\x22:\x22ja_jp\x22,\x22localeToLanguageMap\x22:{\x22ja_jp\x22:{\x22langTitle\x22:\x22Japanese (JP)\x22,\x22code\x22:\x22ja\x22,\x22locale\x22:\x22ja_jp\x22,\x22searchAndPromoteID\x22:\x22sp1004f9da\x22,\x22displayLanguage\x22:\x22Japanese\x22,\x22displayLanguageI18nKey\x22:\x22Language_JP_JA\x22,\x22displayOrder\x22:9,\x22homePagePath\x22:\x22\/jp\/ja.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22yyyy\\u0027年\\u0027MM\\u0027月\\u0027dd\\u0027日\\u0027\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22GB\x22:{\x22territoryCode\x22:\x22uk\x22,\x22territoryName\x22:\x22United Kingdom\x22,\x22countries\x22:[\x22UK\x22,\x22GB\x22],\x22defaultLocale\x22:\x22en_uk\x22,\x22localeToLanguageMap\x22:{\x22en_gb\x22:{\x22langTitle\x22:\x22English (UK)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_gb\x22,\x22searchAndPromoteID\x22:\x22sp10056c2a\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_UK_EN\x22,\x22displayOrder\x22:13,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false},\x22US\x22:{\x22territoryCode\x22:\x22us\x22,\x22territoryName\x22:\x22United States\x22,\x22countries\x22:[\x22US\x22,\x22PR\x22,\x22VI\x22],\x22defaultLocale\x22:\x22en_us\x22,\x22localeToLanguageMap\x22:{\x22en_us\x22:{\x22langTitle\x22:\x22English (US)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_us\x22,\x22searchAndPromoteID\x22:\x22sp10051001\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_US_EN\x22,\x22displayOrder\x22:14,\x22hideLanguage\x22:false}},\x22helpLink\x22:\x22\/content\/pwc\u002Dmadison\/us\/en.html\x22,\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:true},\x22CA\x22:{\x22territoryCode\x22:\x22ca\x22,\x22territoryName\x22:\x22Canada\x22,\x22countries\x22:[\x22CA\x22],\x22defaultLocale\x22:\x22en_ca\x22,\x22localeToLanguageMap\x22:{\x22fr_ca\x22:{\x22langTitle\x22:\x22French (FR)\x22,\x22code\x22:\x22fr\x22,\x22locale\x22:\x22fr_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22French\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_FR\x22,\x22displayOrder\x22:3,\x22homePagePath\x22:\x22\/ca\/fr.html\x22,\x22hideLanguage\x22:false},\x22en_ca\x22:{\x22langTitle\x22:\x22English (CA)\x22,\x22code\x22:\x22en\x22,\x22locale\x22:\x22en_ca\x22,\x22searchAndPromoteID\x22:\x22sp10056c2e\x22,\x22displayLanguage\x22:\x22English\x22,\x22displayLanguageI18nKey\x22:\x22Language_CA_EN\x22,\x22displayOrder\x22:2,\x22homePagePath\x22:\x22\/ca\/en.html\x22,\x22hideLanguage\x22:false}},\x22cookieEnabled\x22:\x22false\x22,\x22twitterShare\x22:\x22true\x22,\x22linkedinShare\x22:\x22true\x22,\x22termsAndConditionsVersion\x22:\x221.0\x22,\x22dateFormat\x22:\x22dd MMM yyyy\x22,\x22designation\x22:\x22\x22,\x22contentTypeSortingEnabled\x22:false}}'); return countryTerritoryList; } var userRegistrationErrorMessages = { invalidName: 'Invalid', required: 'Required field', invalidEmail: 'Invalid email', internalError: 'Internal server error', genericError: 'Something went wrong. Please try again.', duplicateEmail: 'Account already exists', blacklistedDomain: 'Please log in using PwC\x27s single sign on feature on the left side of the screen. PwC email addresses cannot be used for website registration.', invalidLanguageList: 'Select at least one language per each selected country', noPrimaryTerritorySelected: 'Please set at least one country as primary country', noPrimaryLangaugeSelected: 'Please set at least one language as primary language', imageUploadFails: 'Image upload failed', acceptTncError: 'There was an error in accepting the terms and conditions request. Please retry.', } function getUserRegErrorMessage(code) { return userRegistrationErrorMessages[code]; } </script> </div> <div class="multimedia-modal aem-GridColumn aem-GridColumn--default--12"> <div id="multimedia-messages" data-continue-video-message="Continue watching" data-thank-you-video-message="Thank you for watching" data-continue-audio-message="Continue Listening" data-thank-you-audio-message="Thank you for listening"></div> <div id="multimedia-slick-prev-button" style="display: none;"> <span class='icon-caret-left'/> <div class="multimedia-list-item-details"> <div>Previous</div> <div class="prev-country-label-content-type ellipsis-line"></div> <div class="prev-content-id-content-title clamp-text" data-lines-to-clamp="4"></div> </div> </div> <div id="multimedia-slick-next-button" style="display: none;"> <span class='icon-caret-right'/> <div class="multimedia-list-item-details"> <div>Up next</div> <div class="next-country-label-content-type ellipsis-line"></div> <div 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id="contentmouse_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/contentmouse.jpg" alt="contentmouse option"/> <img id="displaycontent_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/displaycontent.jpg" alt="displaycontent option"/> <img id="contentpage_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/contentpage.jpg" alt="contentpage option"/> <img id="relatedlink_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/relatedlink.jpg" alt="relatedlink option"/> <img id="prevandafter_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/prevandafter.jpg" alt="prevandafter option"/> <img id="trending_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/trending.jpg" alt="trending option"/> <img id="searchicon_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/searchicon.jpg" alt="searchicon option"/> <img id="search_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-gif="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/gifs/gif-search.gif" alt="search option"/> <img id="feedback_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/feedback.jpg" alt="feedback option"/> <img id="end_option" class="hideslide" src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/clear.gif" data-src="/etc.clientlibs/pwc-madison/clientlibs/clientlib-site-vp/resources/images/tutorial/endmessage.jpg" alt="end slide"/> <div class="modal sitetour_pop"> <span class="close-tutModal" aria-label="close modal">✕</span> <div class="modal-background not-close"></div> <div class="modal-content"> <div class="box guide-start"> <h1>Hello and welcome to Viewpoint</h1> <p>Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. Follow along as we demonstrate how to use the site</p> <div class="tutorial-btns bottomzipp has-text-centered"> <button class="btn btn-primary btn-lg end-tour" id="domeStartGuideBtn2">LEAVE TUTORIAL</button> <button class="btn btn-primary btn-lg" id="guideLanguageSelect">START TUTORIAL</button> </div> </div> <div class="box guide-start-2"> <h1>Before we start.</h1> <p>Choose your preferred language below.</p> <div class="tutorial-btns bottomzipp has-text-centered"> <button class="btn btn-primary btn-lg end-tour">LEAVE TUTORIAL</button> <button class="btn btn-primary btn-lg" id="startEnTutorial">ENGLISH</button> <button class="btn btn-primary btn-lg" id="startFrTutorial">LANGUE FRANÇAISE</button> <button class="btn btn-primary btn-lg" id="startJpTutorial">日本語</button> </div> </div> <div class="box video-container"> <div class="video-wrap"> <video width="100%" height="99%" data-jp-mp4="https://s7d1.scene7.com/is/content/pwcvpprod/VP-Japanese" data-fr-mp4="https://s7d1.scene7.com/is/content/pwcvpprod/VP-French" controls> <source type="video/mp4" class="mp4"/> Your browser does not support the video tag. </video> </div> <button class="btn btn-primary btn-lg end-tour" data-jp-leave-label="チュートリアルを終了" data-fr-leave-label="QUITTER LE TUTORIEL"> LEAVE TUTORIAL </button> </div> </div> </div> <div class="guide-overlay"></div> <div class="sitetour_arrows animated flash"> <div class="sitetour_buttons"> <button class="btn btn-primary btn-lg" id="endGuideBtn" onclick="endTour()">LEAVE TUTORIAL</button> <button class="btn btn-primary btn-lg" id="prevGuideBtn" onclick="prev()"> <span>GO TO PREVIOUS ITEM</span><span class="is-hidden-desktop"><</span></button> <button class="btn btn-primary btn-lg" id="nextGuideBtn" onclick="next()"><span>GO TO NEXT ITEM</span><span class="is-hidden-desktop">></span></button> </div> <div class="sitetour_arrows_cover"> <progress class="sitetour_progress progress" value="" max=""></progress> </div> </div> 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§ 230.144 Persons deemed not to be engaged in a distribution and therefore not underwriters.