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What is the difference between an SEC Form 144 (Proposed Sale) and an SEC Form 4?

For example, this company has filed Form 144's, but not Form 4's. I understand that a Form 144 has more basic requirements than a Form 4, but what exactly is meant by "Proposed Sale," and what are the important details?

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Form 144 is part of the opinion letter process needed to issue non-exempt securities.

Form 4 is just a large transfer of already non-exempt securities

  • Could you elaborate on the opinion letter process. Also, why is it called a 'proposed sale' if securities are just being issued not sold. Is there such thing as a proposed buy with the form 144, or is it by nature a proposed sale, because the securities being issued will eventually be sold? – luca590 Jul 27 '14 at 14:04
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    The company is selling the shares, there is always a buyers by nature of selling. Practically all securities regulations are placed on the seller of securities (although they can effect the investor, the regulatory burden isn't placed on the investor), as such there is no proposed buy form necessary as some kind of anti-equivalent to Form 144 – CQM Jul 28 '14 at 20:54

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