The following transactions shall be exempt from 17 CFR 240.15g-2 , 17 CFR 240.15g-3 , 17 CFR 240.15g-4 , 17 CFR 240.15g-5 , and 17 CFR 240.15g-6 :
Note: Prior to April 28, 1993, commissions, commission equivalents, mark-ups, and mark-downs from transactions in designated securities, as defined in 17 CFR 240.15c 2-6(d)(2) as of April 15, 1992, may be considered to be commissions, commission equivalents, mark-ups, and mark-downs from transactions in penny stocks for purposes of paragraph (a)(1) of this section.
Note 1 to paragraph (b): Though the definition of "family client" from rule 501(a)(13) includes both natural persons and institutions, only family clients that are institutions may be considered institutional accredited investors.
17 C.F.R. §240.15g-1