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What Is a Rule 144 Opinion Letter?

Rule 144 opinion letters are legal documents that investors need to be able to sell restricted shares of securities. Rule 144 of the Securities Exchange Act of 1933 governs securities transactions, including sales. Rule 144 requires that all restricted securities must be held for at least one year before they can be sold to non-affiliates of the issuer without restriction. Rule 144 also provides an exemption allowing investors to sell restricted securities if they receive a Rule 144 opinion letter from a securities attorney. This letter verifies that the shares are not subject to any ongoing contractual or legal restrictions and that they may be freely traded by the holder. Disclaimer: This video is not intended to serve as a substitute for consultation with an attorney. Specific legal issues, concerns, and conditions always require the advice of appropriate legal professionals. Using the Internet for communications with the firm will not establish an attorney-client relationship, and messages containing confidential or time-sensitive information should not be sent.