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#472300 - 12/19/05 10:38 PM Revoking an entity from exemption
Trees Offline
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Joined: Apr 2005
Posts: 4,013
An exempted entity, which was public, was sold to a private firm. We are revoking but we need to know, for section 10, do we check listed company (which was the initial reason for exemption) or, non-listed, which is what the company is now? Thanks!

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#472301 - 12/20/05 04:01 PM Re: Revoking an entity from exemption
John Burnett Offline
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John Burnett
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Cape Cod
You should make the revocation filing a mirror of the activation filing, except for the action type (revocation). I suggest you check "listed company."
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#472302 - 12/20/05 06:48 PM Re: Revoking an entity from exemption
complianceman Offline
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complianceman
Joined: Mar 2005
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New Albany, IN
If you are going to allow them to have a Phase II exemption, you can just check box 2a and 10e. When the DCC receives the request, they will know to look up the tax ID for this entity and change them from a listed company (10c) to a Eligible Non-listed Business (10e). if you check 10e, you may also want to review question 12 as well since there has been a change in control.

Otherwise, I agree with John. The Exemption revoked sumbission should reflect the same information as the Initial Designation (I.e., check box 2b and 10c)
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#472303 - 12/20/05 08:41 PM Re: Revoking an entity from exemption
nemsi Offline
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Joined: Nov 2005
Posts: 383
Is it true that you can simply start filing CTR and that will revoke the exemption?

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#472304 - 12/21/05 01:49 AM Re: Revoking an entity from exemption
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,793
Cape Cod
Quote:

Is it true that you can simply start filing CTR and that will revoke the exemption?




What is true is that you don't have to file the revocation form. That's optional (although some examiners evidently don't like that fact). You revoke at your level, and start filing.
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John S. Burnett
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