Sec
An executive who holds restricted securities must file which form with the SEC before selling shares under Rule 144?
Rule 144 sales require Form 144 if selling >5,000 shares or >$50,000 in 90 days.
Complete Analysis & Legal Rationale
Form 144 is filed with the SEC to provide notice of the proposed sale of restricted or control securities under Rule 144. This form must be filed if the sale exceeds 5,000 shares or $50,000 in any three-month period.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Form 4 reports changes in beneficial ownership by insiders but is not specifically for Rule 144 sales.
Matches the verified teaching point in the explanation.
Form 10-K is an annual report filed by public companies.
Form S-1 is a registration statement for new securities offerings.
Official Standard: Primary offering registration/prospectus framework and exemptions (verify current text).
Official Standard: Outline-level citation: item maps to Series 7 topic coverage. Prefer a specific FINRA/SEC/MSRB rule citation in a later author pass.