Rule144Facet

Git Source

Rule 144 provides a safe harbor for the resale of restricted or control securities if certain conditions are met: holding periods, volume limits, current public info, manner of sale

Asset facet implementing SEC Rule 144 requirements for resale of restricted securities

State Variables

REPORTING_COMPANY_HOLDING_PERIOD

uint256 public constant REPORTING_COMPANY_HOLDING_PERIOD = 180 days;

NON_REPORTING_COMPANY_HOLDING_PERIOD

uint256 public constant NON_REPORTING_COMPANY_HOLDING_PERIOD = 365 days;

VOLUME_LIMIT_PERIOD

uint256 public constant VOLUME_LIMIT_PERIOD = 28 days;

VOLUME_LIMIT_PERCENTAGE

uint256 public constant VOLUME_LIMIT_PERCENTAGE = 100;

RULE144_STORAGE_SLOT

bytes32 private constant RULE144_STORAGE_SLOT = keccak256("capsign.storage.Rule144");

Functions

_getRule144Storage

Get Rule 144 storage

function _getRule144Storage() internal pure returns (Rule144Storage storage s);

initializeRule144

Initialize Rule 144 functionality

function initializeRule144(bool _isReporting, bool _hasPublicInfo) external;

Parameters

Name	Type	Description
_isReporting	bool	Whether the company is subject to Exchange Act reporting
_hasPublicInfo	bool	Whether current public information is available

setCompanyStatus

Set company reporting status and public information availability

function setCompanyStatus(bool _isReporting, bool _hasPublicInfo) external;

Parameters

Name	Type	Description
_isReporting	bool	Whether the company is subject to Exchange Act reporting
_hasPublicInfo	bool	Whether current public information is available

setControlPerson

Designate control persons (affiliates) for volume limit purposes

function setControlPerson(address person, bool _isControl) external;

Parameters

Name	Type	Description
person	address	The person to designate
_isControl	bool	Whether the person is a control person

setRule144Enabled

Enable or disable Rule 144 enforcement

function setRule144Enabled(bool enabled) external;

Parameters

Name	Type	Description
enabled	bool	Whether Rule 144 should be enforced

checkRule144Transfer

Check if a transfer is allowed under Rule 144

function checkRule144Transfer(address from, address to, bytes32 lotId, uint256 amount)
    external
    view
    returns (bool allowed, string memory reason);

Parameters

Name	Type	Description
from	address	The seller
to	address	The buyer
lotId	bytes32	The lot being transferred
amount	uint256	The amount being transferred

Returns

Name	Type	Description
allowed	bool	Whether the transfer is allowed
reason	string	Reason if transfer is not allowed

_checkVolumeLimit

Check if volume limit is satisfied for control person

function _checkVolumeLimit(Rule144Storage storage s, address seller, uint256 amount) internal view returns (bool);

Parameters

Name	Type	Description
s	Rule144Storage	Rule 144 storage
seller	address	The control person selling
amount	uint256	The amount being sold

Returns

Name	Type	Description
<none>	bool	Whether volume limit is satisfied

recordRule144Sale

Record a sale for volume tracking (called after successful transfer)

function recordRule144Sale(address from, uint256 amount) external;

Parameters

Name	Type	Description
from	address	The seller
amount	uint256	The amount sold

getVolumeInfo

Get volume information for a control person

function getVolumeInfo(address person)
    external
    view
    returns (uint256 volumeSold, uint256 volumeLimit, uint256 lastSale);

Parameters

Name	Type	Description
person	address	The control person

Returns

Name	Type	Description
volumeSold	uint256	Volume sold in current 4-week period
volumeLimit	uint256	Maximum volume allowed (1% of outstanding)
lastSale	uint256	Timestamp of last sale

getHoldingPeriodInfo

Get holding period information for a lot

function getHoldingPeriodInfo(bytes32 lotId)
    external
    view
    returns (uint256 acquisitionDate, uint256 requiredHoldingPeriod, bool holdingPeriodMet);

Parameters

Name	Type	Description
lotId	bytes32	The lot ID

Returns

Name	Type	Description
acquisitionDate	uint256	When the lot was acquired
requiredHoldingPeriod	uint256	Required holding period based on company status
holdingPeriodMet	bool	Whether holding period is satisfied

getCompanyStatus

Get company status information

function getCompanyStatus() external view returns (bool isReporting, bool hasPublicInfo, bool enabled);

Returns

Name	Type	Description
isReporting	bool	Whether company is subject to Exchange Act reporting
hasPublicInfo	bool	Whether current public information is available
enabled	bool	Whether Rule 144 enforcement is enabled

isControlPerson

Check if an address is designated as a control person

function isControlPerson(address person) external view returns (bool isControl);

Parameters

Name	Type	Description
person	address	The address to check

Returns

Name	Type	Description
isControl	bool	Whether the person is a control person

getControlPersons

Get list of all control persons (note: this is expensive, use carefully)

function getControlPersons() external pure returns (address[] memory controlPersons);

Returns

Name	Type	Description
controlPersons	address[]	Array of control person addresses

Events

CompanyStatusUpdated

event CompanyStatusUpdated(bool isReporting, bool hasPublicInfo);

ControlPersonDesignated

event ControlPersonDesignated(address indexed person, bool isControl);

Rule144SaleRecorded

event Rule144SaleRecorded(address indexed seller, uint256 amount, uint256 timestamp);

Rule144EnabledUpdated

event Rule144EnabledUpdated(bool enabled);

Structs

Rule144Storage

struct Rule144Storage {
    bool isReportingCompany;
    bool hasCurrentPublicInformation;
    mapping(address => bool) isControlPerson;
    mapping(address => uint256) volumeSoldInPeriod;
    mapping(address => uint256) lastSaleTimestamp;
    bool rule144Enabled;
}