Series 24: Rule 15g-8 – Escrow

Taken from our Series 24 Online Guide

Rule 15g-8 – Escrow

Any proceeds generated by the offering of a blank check company must be held in an escrow account maintained by an “insured depository institution” or a separate bank account established by a broker-dealer with at least $25,000 in net capital. The SEC defines a blank check company as “a development stage company that has no specific business plan or purpose or has indicated its business p

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