17 CFR 240.16b-5 - Bona fide gifts and inheritance.

Regulations last checked for updates: Feb 07, 2026

Title 17 - Commodity and Securities Exchanges last revised: Jan 29, 2026

View all text of Part 240 [§ 240.0-1 - § 240.36a1-2]

§ 240.16b-5 - Bona fide gifts and inheritance.

Both the acquisition and the disposition of equity securities shall be exempt from the operation of section 16(b) of the Act if they are: (a) Bona fide gifts; or (b) transfers of securities by will or the laws of descent and distribution.

authority: 15 U.S.C. 77c,77d,77g,77j,77s,77z,77z,77eee,77ggg,77nnn,77sss,77ttt,78c,78c-3,78c-5,78d,78e,78f,78g,78i,78j,78j-1,78j-4,78k,78k-1,78

cite as: 17 CFR 240.16b-5