The Impact of Revised Rule 144 on Registration Rights

On February 15, 2008, revised Rule 144 will take effect. As detailed in our alert memo of December 31, 2007, the SEC substantially reduced the holding periods applicable to the sale of restricted securities. The attached alert memo considers the extent to which registration rights will still be necessary in the context of typical capital markets and private equity transactions. The memo also addresses how existing registration rights agreements should be interpreted in light of the amended rule.