b'sure you understand the regulations that apply to non-profit fundraising activities.Who is Entitled to the Exemption? The exemptions can be claimed by the issuer of the securities, and by extension,itsassetmanagemententity(anditsmembers)whoare organizing and running the syndicate or fund. Further, the asset management entity (or its members) are also members of the issuing entity by virtue of the ownership interests reserved for the asset management team. The Securities Act defines the issuer of securities as every person who issues or proposes to issue any security. Another definition describes the issuer as a legal entitythat develops, registers and sells securities to the investing public in order to finance its own operations.1 Note that an exemption from registration does not alleviate an issuer (or the asset manager) of its obligations under the anti-fraud, civil liability, or other provisions of federal or state securities laws, or its obligation to avoid making misleading statements in its promotional materials.Common Elements of All Exemptions As discussed in the previous chapter, for federal offerings, the offer and sale of securities must be registered (per Section 5 of The Securities Act of 1 www.investinganswers.com/financial-dictionary/investing/issuer-223640'