(1) The Division finds that registration is not necessary or appropriate for the protection of investors in connection with Internet Offers, provided:

a. an offer is not specifically directed to any person in Utah;
b. the Internet Offer indicates that the securities are not being offered to and sales will not be effected with persons in Utah; and
c. no sales of the issuer's securities are made in Utah as a result of the Internet Offer.

This exemption was created by rule under the discretionary authority of section 61-1-14(2)(v). The text of the rule may be found at R164-14-24v .

This rule provides an exemption for offers effected through the Internet which do not result in sales in Utah. This exemption is self-executing.