How does the SEC define "de minimis"?

The Arizona Stock Exchange was not subject to regulation. How does one qualify?
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Jonathan H Levy

Jonathan H Levy Avvo Pro

Contributor Level 9
De minimis non curat lex means the law does not take notice of a small or trifling matter. De minimis is a legal term not a rule per se, to answer your question one would need to the exact SEC rule involved.
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