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The Application and Effectiveness of SEC Rule 144

The purpose of this Article is to examine the effectiveness from both an analytical and public policy perspective of rule 144 promulgated by the Securities and Exchange Commission (SEC) under the Securities Act of 1933 (the Securities Act). Although the rule generally has served to ease the burdens of persons seeking to resell their securities without sacrificing investor protection, there remain a number of troublesome concerns. This Article analyzes rule 144's scope, its effectiveness as a safe harbor mechanism, and the public policy concerns implicated.