---
title: "List information given to one purchaser and not to another"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-cleansing-notice-and-the-excluded-information-record/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A4-X20260927-7-US"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# List information given to one purchaser and not to another

> List each written item the file shows was given to an accredited investor and not previously delivered to a named non-accredited purchaser in a Rule 506(b) offering, and mark whether the file contains the written…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-cleansing-notice-and-the-excluded-information-record/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | List each written item the file shows was given to an accredited investor and not previously delivered to a named non-accredited purchaser in a Rule 506(b) offering, and mark whether the file contains the written resale disclosure. Write no notice for release. |
| What the lawyer must review | You decide whether the item is material and you write anything that is sent. Rule 502(b)(2)(iv) requires the issuer, at a reasonable time prior to the sale of securities to any purchaser that is not an accredited investor in a transaction under Rule 506(b), to furnish a brief description in writing of any material written information concerning the offering that the issuer has provided to any accredited investor and not previously delivered to that unaccredited purchaser. The issuer shall furnish any portion or all of that information on written request a reasonable time prior to purchase. Rule 502(b)(2)(vii) requires the issuer to advise that purchaser of the resale limitations in the manner in Rule 502(d)(2), which includes written disclosure prior to sale that the securities have not been registered and cannot be resold unless they are registered or an exemption is available. Rule 502(d) gives Regulation D securities, except as provided in Rule 504(b)(1), the status of securities acquired under section 4(a)(2), so they cannot be resold without registration or an exemption. Rule 504(b)(1) was not opened. This record is not an Australian cleansing notice. ABA Formal Opinion 512 requires independent verification of the list. |
| Written for | United States |
| Applies to | [Prepare the cleansing notice and the excluded-information record](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-cleansing-notice-and-the-excluded-information-record.md) |

## Checking plan

- What the AI does: List each written item the file shows was given to an accredited investor and not previously delivered to a named non-accredited purchaser in a Rule 506(b) offering, and mark whether the file contains the written resale disclosure. Write no notice for release.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Rule 506(c) sales are not this record. Rule 506(c)(1) requires Rule 502(a) and (d), not the Rule 502(b) information schedule.
- Do not prepare an Australian cleansing notice. The record is the Rule 502(b)(2)(iv) list and the resale disclosure.

## Sources

- [17 CFR § 230.502, general conditions to be met in Regulation D offerings](https://www.law.cornell.edu/cfr/text/17/230.502) (checked 2026-10-22)
- [17 CFR § 230.506, exemption for limited offers and sales without regard to dollar amount](https://www.law.cornell.edu/cfr/text/17/230.506) (checked 2026-10-22)
- [ABA Formal Opinion 512, Generative Artificial Intelligence Tools (29 July 2024)](https://www.americanbar.org/content/dam/aba/administrative/professional_responsibility/ethics-opinions/aba-formal-opinion-512.pdf) (checked 2026-10-22)

## Forms and precedents for this task

| Form or precedent | Kind | AI level | Summary |
| --- | --- | --- | --- |
| [Cleansing notice under Corporations Act s 708A(5)(e), with eligibility check and excluded information record](https://ailawframework.com/precedents/capital-markets-and-securities-ecm-dcm-and-disclosure/cleansing-notice-s708a-and-excluded-information-record.md) | Notice | Yellow | A cleansing notice for ASX after a placement made without a disclosure document, with the four statements s 708A(6) requires, an eligibility check against s 708A(5)(a) to (d), and an internal record… |

Signed-in accounts can read the full text of each one.

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*