17 C.F.R. § 230.901 : Commodity and Securities Exchanges — SECURITIES AND EXCHANGE COMMISSION — GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933 —RULES GOVERNING OFFERS AND SALES MADE OUTSIDE THE UNITED STATES WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 — General statement

For the purposes only of section 5 of the Act ( 15 U.S.C. §77e ), the terms offer, offer to sell, sell, sale, and offer to buy shall be deemed to include offers and sales that occur within the United States and shall be deemed not to include offers and sales that occur outside the United States.