Rule 144A

{{a|repack|}Rule 144A is an exemption to the requirement under the Securities Act to register any offering of securities. The exemption arises for private placements of securities (usually debt securities to “Qualified Institutional Buyers” — sophisticated institutional players, saucily referred to by one and all as “QIBs” — who are the US equivalent of professional clients or eligible counterparties in the FCA’s argot.