N.Y. Comp. Codes R. & Regs. tit. 3 § 11.4

Current through Register Vol. 46, No. 43, October 23, 2024

Section 11.4 - Aggregation of insider transactions

(a) Any loan or extension of credit to or on behalf of an insider or a person related to an insider shall be aggregated with the outstanding balances of (1) all other loans or extensions of credit to the insider, and (2) all other loans or extensions of credit to a person related to that insider, and (3) any loan or extension of credit to any other person where the loan or extension of credit inures to the tangible economic benefit of the insider or person related to the insider.

(b) Any purchase or sale of assets or services to, by, or on behalf of an insider or a person related to an insider shall be aggregated with the fair market value of, or payments made or to be made for, all other assets or services purchased or sold to, by, or on behalf of (1) such insider, and (2) a person related to that insider and (3) any other person where the purchase or sale inured to the tangible economic benefit of the insider or person related to the insider; provided, however, that such other assets or services shall have been purchased or sold within 12 consecutive months of the purchase or sale in question.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 11.4