I am confused by the italicized portion of the answer. Even though the answer that he is subject to both is answered correctly and the main body says he would be subject to both, the final sentence seems to make the original question incorrect because if he is not able to trade the stock, then how would it be subject to a volume limitation. It seems he can’t sell it at all. What am I missing?
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Hi, you’ve got the concept! The italics are basically just saying that although the volume limitations apply, since the security is unregistered, they wouldn’t actually be able to sell it publicly.
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