This column concludes the discussion1 of the offer and sale of unregistered tax advantaged securities using the Internet, discussing third party informational services in connection with an Internet offering of unregistered securities pursuant to Regulation D and state blue sky issues in a Regulation D offering.

Texas Capital Network

A 1994 letter indicates a more receptive attitude by the SEC staff towards informational services provided by third parties than the letters discussed in the last column (i.e., Oil and Gas Investor and Tax Investment Information Corp.). Texas Capital Network Inc. (Network) (available Feb. 23, 1994) involved a computer database of subscribers consisting, according to subscriber representations, of accredited or sophisticated investors and entrepreneurs.

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