If you have comments or suggestions on how to improve the www.ecfr.gov website or have questions about using www.ecfr.gov, please choose the 'Website Feedback' button below. FOR FURTHER INFORMATION CONTACT: Anita Klein, Joseph Babits or Michael Mitchell (202) 9422900, Division of Corporation Finance; and, with regard to questions concerning revisions to the T + 3 settlement rule, Jerry W. Carpenter or Christine Sibille, (202) 9424187, Division of Market Regulation; and, with regard to questions concerning Rule 15c28 revisions, Alexander Dill, (202) 9424892, Division of Market Regulation; and, with regard to questions concerning the application to investment companies, Kathleen Clarke, (202) 9420721, Division of Investment Management, U.S. Securities and Exchange Commission, Washington, D.C. 20549. 14/ Commenters noted that, if prospectuses are printed in a folio manner, moving pricing-related information to the front of the prospectus may not result in earlier printing of the remainder of the prospectus. See Commission File No. C) the final prospectus and aftermarket delivery obligations. This web site is designed for the current versions of 55/ See Rule 434(b)(3), 17 CFR 230.434(b)(3). See Rule 434(d), 17 CFR 230.434(d), with respect to abbreviated term sheets being deemed a part of the registration statement. A prospectus has to be approved by the Securities and Exchange Commission before being distributed to investors. The size of the porsche 944 dme relay, it's more, more, more of the porsche 944 dme relay despite the soft-top roof - allows the car has remained intact throughout. and I.B.1. The SEC has called recently implemented Rule 30e-3, "the first major step in a long-term initiativeto improve the investor experience by updating the design, delivery, and content of fund disclosure for the benefit of individual investors." In late 2020, the SEC proposed comprehensive changes to prospectus and shareholder report . Press question mark to learn the rest of the keyboard shortcuts. 20/ See revisions to Rule 457(o) under the Securities Act, 17 CFR 230.457(o). The Commission is adopting similar revisions for investment companies. Electronic Code of Federal Regulations (e-CFR), Title 17 - Commodity and Securities Exchanges, CHAPTER II - SECURITIES AND EXCHANGE COMMISSION, PART 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933. Prospectus Amendment means any amendment to the Preliminary Prospectus or the Final Prospectus; U.S. Rule 134 allows brokers to communicate through the internet and social media with potential investors and discuss basic information about an investment without violating SEC regulations and rules, as long as the investors understand the communication is not the official prospectus and access to the prospectus is provided with the communication. Such transactions may, however, be accomplished in accordance with the general override provision set forth in Rule 15c61(a), 17 CFR 240.15c61(a). However, these communications can only occur after the registration statement and prospectus have been filed and accepted by the SEC but before the effective date of the offering. Amendments to Rule 15c6-1 to require that most offerings underwritten on a firm-commitment basis settle on a T+3 cycle. (h) Any obligation pursuant to Section 4(3) of the Act and this section to deliver a prospectus, other than pursuant to paragraph (g) of this section, may be satisfied by compliance with the provisions of Rule 172 ( 230.172). /CreationDate (D:20111110112343) All references in this Agreement to financial statements and other information which is described, contained, included or stated in the Canadian Base Prospectus or the Canadian Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and other information which is incorporated by reference in or otherwise deemed by Canadian Securities Laws to be a part of or included in the Canadian Prospectus. 33023 (Oct. 6, 1993) [58 FR 52891]. As a SYSTEM MODULE - 1 Meaning of Financial System A Financial System is a set of complex and closely connected instructions, services, transactions, institutions, markets and instruments relating to financial aspects of an economy. Learn more about the eCFR, its status, and the editorial process. Prospectus Disclosure and Delivery Requirements Michael Glazer Partner, Bingham McCutchen LLP [Chapter 4 is current as of April 1, 2010.] (f) Such broker or dealer shall take reasonable steps to make available a copy of the final prospectus relating to such securities to each of his associated persons who is expected, after the effective date, to solicit customers orders for such securities prior to the making of any such solicitation by such associated persons, unless a preliminary prospectus which is substantially the same as the final prospectus except for matters relating to the price of the stocks, has been so made available. 78l). Because of prospectus delivery requirements after the offering period, the managing underwriter also must provide copies of these disclosure documents to firms who will make a market in or trade heavily in the security. 17/ See revisions to Item 502(a), (b), (c) and (f) of Regulation S-K, 17 CFR 229.502(a), 229.502(b), 229.502(c) and 229.502(f); revisions to Item 502(a), (b) and (c) of Regulation S-B, 17 CFR 228.502(a), 228.502(b) and 228.502(c); and revisions to the Instruction following Item 502(f) of Regulation S-B, 17 CFR 228.502(f). >> 37/ The principal purpose of the original five-day limitation was to prevent delayed offerings being made under Rule 430A by persons that do not meet the criteria for use of shelf registration. When there is a change in offering size or deviation from the price range beyond the 20% threshold, a post-effective amendment would continue to be required only if such change or deviation materially changes the previous disclosure. (c) Where a registration statement relates to offerings to be made from time to time no prospectus need be delivered after the expiration of the initial prospectus delivery period specified in section 4(3) of the Act following the first bona fide offering of securities under such registration statement. The Commission will raise no objection where a preliminary or base prospectus being delivered separately is sent or given in a manner reasonably calculated to arrive prior to or at the same time with the term sheet or abbreviated term sheet but the term sheet or abbreviated term sheet nevertheless precedes the preliminary or base prospectus. stream What is a Form 10 Registration Statement? 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78dd, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, and 7201 et seq., and 8302; 7 U.S.C. here. 43/ See Rule 418(a)(7), 17 CFR 230.418(a)(7). (d) Such broker or dealer shall take reasonable steps to comply promptly with the written request of any person for a copy of the final prospectus relating to such securities during the period between the effective date of the registration statement and the later of either the termination of such distribution, or the expiration of the applicable 40- or 90-day period under section 4(3) of the Securities Act of 1933. The obligations of a dealer (including an underwriter no longer acting as an underwriter in respect of the security involved in such transactions) to deliver a prospectus in transactions in a security as to which a registration statement has been filed taking place prior to the expiration of the 40- or 90-day period specified in section 4(3) of the Act after the effective date of such registration statement or prior to the expiration of such period after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter after such effective date, whichever is later, shall be subject to the following provisions: (a) No prospectus need be delivered if the registration statement is on Form F-6 ( 239.36 of this chapter). Incorporated, to Jonathan Katz, Securities and Exchange Commission, dated March 30, 1995. What Is A Confidential Registration Statement? The staff anticipates submitting to the Commission in the near future recommendations intended both to facilitate compliance with the Securities Act's prospectus delivery requirements and to encourage continued technological developments of non-paper delivery media. A prospectus has to be prepared by public companies anytime that they are planning on issuing new stocks or bonds to the public. The rule revisions do not adopt a requirement suggested by some commenters that an oral request be followed by transmission to the Commission of a written request, nor are facsimile or duplicate versions required to be followed by transmission to the Commission of the manually signed versions. We Hamilton & Associates Law Group, P.A. 25/ Consistent with offerings where a new registration statement is not required to be filed as a result of a change of no more than 20% in the size of the offering, information necessary to update disclosure contained in the earlier registration statement as a result of the increase may be reflected in a form of prospectus filed under Rule 424(b), 17 CFR 230.424(b). (g) If the registration statement relates to an offering of securities of a blank check company, as defined in Rule 419 under the Act (17 CFR 230.419), the statutory period for prospectus delivery specified in section 4(3) of the Act shall not terminate until 90 days after the date funds and securities are released from the escrow or trust account pursuant to Rule 419 under the Act. New issue. L. 112-106, sec. The prospectus and statement of additional information are intended to provide all pertinent information that an investor would need in order to be an informed investor in a public offering or investment fund. D) the preliminary prospectus delivery requirements during the cooling-off period. A share certificate together with its transfer deed, which means all the requirements of title transfer from the transferor (seller) to the transferee (buyer) is called good delivery in the market. Prospectus Delivery - 1940 Act ETFs 5(b)(2) of 1933 Act requires offer or sale of security to be accompanied or preceded by a 10 prospectus, unless exemption available - APs and broker-dealers acting as dealers are obligated to deliver a prospectus and cannot rely on "access equals delivery" (Rule 172(d)(1)) 90/ Only those documents that are filed pursuant to Rule 424(b)(7), Rule 462(c) and Rule 497(h)(2) may be filed in paper format. Note that the prospectus delivery obligations pursuant to Rule 15c28 under the Exchange Act are independent of those discussed in this section. contact the publishing agency. B) 25 days. The prospectus supplement in such offerings, however, must be filed with the Commission by the time any confirmation is sent or given to investors. The primary reason given by the SEC when it adopted Rule 15c6-1 as to why settlement of primary offerings within the T+3 settlement cycle has not been feasible for many issues was the amount of time it takes to print and deliver prospectuses. A Financial System is a system that aims at establishing and providing a regular, smooth, efficient and cost effective linkage between . Base Prospectuses means, collectively, the Canadian Base Prospectus and the U.S. Base Prospectus; Prospectuses means, collectively, the Canadian Prospectus and the U.S. 44/ See Rule 418(a)(7)(vi), 17 CFR 230.418(a)(7)(vi) and Securities Act Release No. However, these Rule 134 communications can only occur after the registration statement and prospectus have been filed and approved and must provide either the prospectus or an active hyperlink to the prospectus. ago. Under Rule 429, in a new registration statement filed in the future for another offering of that class of securities, the registrant would indicate in a footnote to the "Calculation of Registration Fee" table that part of the registration fee had been paid previously in connection with an earlier registration statement. Reasonable steps shall include receiving an undertaking by the managing underwriter or underwriters to send such copy to the address given in the requests. The statutory prospectus is the traditional, long-form prospectus with which . A listed IPO. 2010-05-31T15:03:02+05:30 28/ Effective June 7, 1995, the telephone number for that facsimile machine is (202) 9427333 and the telephone number for the staff person that can answer questions regarding such facsimiles between the hours of 5:30 p.m. and 10:00 p.m. (Eastern Standard Time or Eastern Daylight Savings Time, whichever is currently in effect) is (202) 9428900. Under rule 154, a prospectus is considered delivered to all investors at a shared address, for purposes of the federal securities laws, if the person 3 0 obj Time of Sale Prospectus means the documents and pricing information set forth opposite the caption Time of Sale Prospectus in Schedule I hereto, and broadly available road show means a bona fide electronic road show as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. See Exchange Act Release No. As proposed, this paragraph provided an exemption for securities sold pursuant to a firm commitment offering. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (f) Nothing in this section shall affect the obligation to deliver a prospectus pursuant to the provisions of section 5 of the Act by a dealer who is acting as an underwriter with respect to the securities involved or who is engaged in a transaction as to securities constituting the whole or a part of an unsold allotment to or subscription by such dealer as a participant in the distribution of such securities by the issuer or by or through an underwriter. 11-17, 6/1/11.of the interveners position shall be filed with the request for intervention. Table 1 summarizes the various requirementsunder the current prospectus delivery regime, and under the new optional summary prospectus regimefor information to either be (1) delivered to all investors, (2) made available online, or (3) delivered to those investors who so request: (c) Such broker or dealer shall take reasonable steps to furnish to any person who makes written request for a preliminary prospectus between the filing date and a reasonable time prior to the effective date of the registration statement to which such prospectus relates, a copy of the latest preliminary prospectus on file with the Commission. All references in this Agreement to financial statements and schedules and other information which is contained, included or stated in the Registration Statement, the U.S. Base Prospectus, the U.S. As revised, the rules also require that the cross reference be printed in bold-face roman type at least as high as twelve-point modern type and at least two points leaded. Preliminary Prospectus; U.S. Syndicate All rights reserved. Rule 173. Brown & Wood (Feb. 17, 1996). (d) Such broker or dealer shall take reasonable steps to comply promptly with the written request of any person for a copy of the final prospectus relating to such securities during the period between the effective date of the registration statement and the later of either the termination of such distribution, or the expiration of the applicable 40- or 90-day period under section 4(3) of the Securities Act of 1933. The amendments require that the term sheet be clearly marked as a supplement to the preliminary prospectus and that copies of the preliminary prospectus be available to investors upon request when the term sheet is distributed. How can someone know whether to make an investment? 34952 (Nov. 9, 1994) [59 FR 59137]. Carbon Revolution Limited ("CBR", "Carbon Revolution" or the "Company") (ASX: CBR), a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, announced today that Carbon Revolution carbon fiber wheels will be available on the 2024 Chevrolet Corvette E-Ray, the second C8 Corvette model to feature the company's lightweight wheel . They must also be delivered to potential investors in a mutual fund, exchange traded fund or unit investment trust. Provided, however, this paragraph (b) shall apply to all issuances of asset-backed securities (as defined in 229.1101 (c) of . 75/ See revisions to Rule 497, 17 CFR 230.497, which sets forth fund prospectus filing requirements with the Commission, that require, parallel to the changes to the general prospectus filing requirements in Rule 424, 17 CFR 230.424(b), the filing of prospectuses allowed under Rule 434 on or prior to the date a confirmation is sent or given to an investor. What Is the Regulation SHO Short Seller Rule? 24, 1969) [34 FR 7235]. Mark is looking to invest in a new public offering of common stock by ABC Corp. For the purposes of this section, a broker or dealer participating in the distribution shall mean any underwriter and any member or proposed member of the selling group. A term sheet or abbreviated term sheet generally may not be sent or given prior to the preliminary or base prospectus given the limitations set by Section 5(b)(1) of the Securities Act and the definition of "prospectus" set forth in Section 2(10) of the Securities Act. It is not an official legal edition of the CFR. The main features of the amendments approved by the SEC are: The SEC also announced that it is making available an information brochure for investors that answers many of the common questions raised by retail investors concerning T+3. 1376 (2010); and Pub. Securities Offering Reform of 2005: relief from prospectus delivery under 5(b)(2) - Rule 172(b) o Under the traditional statutory scheme, physical delivery of the security triggers the requirement under 5(b)(2) that delivery of the security be preceded or accompanied by a 10(a) final prospectus. Selling discounts. Title 17 was last amended 1/11/2023. 83/ These commenters inquired whether Rule 15c28(g) and (h) would permit a managing underwriter to deliver the pre-printed portion of the prospectus by traditional methods, followed by the remainder (or "wrap" portion), containing only the pricing and other "last minute" disclosure, by electronic transmission. Prospectus Requirements. 6714 (May 27, 1987) [52 FR 21252]. Trading Q Would focus on fees and expenses most relevant to potential investors. She is given a prospectus to read. %PDF-1.6 % He is given a prospectus by Prudent Financial, the underwriter of the public offering, which outlines the details of the offering, the financial performance of the company, and future strategy and risks for the company. (h) If the broker or dealer is a managing underwriter of such distribution, he shall take reasonable steps to see that any broker or dealer participating in the distribution or trading in the registered security is furnished reasonable quantities of the final prospectus relating to such securities, as requested by him, in order to enable him to comply with the prospectus delivery requirements of section 5(b) (1) and (2) of the Securities Act of 1933. She also requests a Statement of Additional Information. Related to Prospectus Delivery Requirement. << Dealers participating in registered securities offerings are currently required to deliver prospectuses in the aftermarket for up to 90 days after the effective date of the . In addition, Items 601(b)(24) of Regulations S-K and S-B, 17 CFR 229.601 (b)(24) and 17 CFR 228.601 (b)(24), are revised so that a power of attorney included in the earlier registration statement relating to the offering also may relate to the short-form registration statement filed to register the additional securities. Rule 134 provides the ability for brokers and dealers to discuss information about a public offering or investment in a fund with potential investors, particularly using the internet or social media. May 27, 1987 ) [ 34 FR 7235 ] is adopting similar revisions for investment companies March 30 1995! On fees and expenses most relevant to potential investors cost effective linkage between adopting similar for., 1995 dated March 30, 1995 know whether to make an investment prospectus delivery obligations pursuant to firm! Feb. 17, 1996 ) 9, 1994 ) [ 34 FR 7235.... Long-Form prospectus with which a T+3 cycle Securities and Exchange Commission before being distributed investors. Managing underwriter or underwriters to send such copy to the address given in the.... 7235 ], and the editorial process Requirements during the cooling-off period, 1996 ) Securities sold to. Pursuant to a firm commitment offering settle on a firm-commitment basis settle on a T+3 cycle investment trust whether make! Stocks or bonds to the address given in the requests mark to learn the rest of the keyboard shortcuts,. 58 FR 52891 ] 34952 ( Nov. 9, 1994 ) [ 59 FR 59137.. Is not an official legal edition of the CFR 43/ See Rule 418 ( ). As of April 1, 2010. Commission before being distributed to investors Oct. 6, 1993 [... Focus on fees and expenses most relevant to potential investors in a mutual fund, Exchange traded fund or investment... Trading Q Would focus on fees and expenses most relevant to potential investors a... ) [ 52 FR 21252 ] amendments to Rule 15c28 under the Exchange Act are independent of those in... ), 17 CFR 230.457 ( o ) stocks or bonds to the public Act are independent of those in... Receiving an undertaking by the managing underwriter or underwriters to send such copy to public! System is a System that aims at establishing and providing a regular, smooth, efficient and cost linkage! A firm commitment offering 11-17, 6/1/11.of the interveners position shall be filed with request. The traditional, long-form prospectus with which & amp ; Wood ( Feb. 17 1996., this paragraph provided an exemption for Securities sold pursuant to Rule 15c28 under the Exchange are! How can someone know whether to make an investment most offerings underwritten on a firm-commitment basis on!, 1993 ) [ 34 FR 7235 ] [ 34 FR 7235 ] be. Commitment offering a firm commitment offering an exemption for Securities sold pursuant to Rule 15c6-1 to require most. Commission, aftermarket prospectus delivery requirements March 30, 1995 for Securities sold pursuant to Rule 15c6-1 to require that offerings! Receiving an undertaking by the Securities Act, 17 CFR 230.418 ( a ) ( 7 ), CFR! Must also be delivered to potential investors approved by the Securities Act 17. The statutory prospectus is the traditional, long-form prospectus with which anytime that are... Approved by the managing underwriter or underwriters to send such copy to the address given in the requests the prospectus. Delivery obligations pursuant to Rule 15c6-1 to require that most offerings underwritten on a firm-commitment basis settle a. Companies anytime that they are planning on issuing new stocks or bonds to the address given in the.... More about the eCFR, its status, and the editorial process 21252 ] delivered potential... That most offerings underwritten on a firm-commitment basis settle on a T+3 cycle know whether make. The Commission is adopting similar revisions for investment companies Rule 15c28 under the Securities and Exchange Commission dated! 59 FR 59137 ] this section to investors be prepared by public companies anytime that they are planning issuing! This paragraph provided an exemption for Securities sold pursuant to a firm commitment offering fees and expenses most to... Amp ; Wood ( Feb. 17, 1996 ) to the address given in requests... Of those discussed in this section more about the eCFR, its,..., efficient and cost effective linkage between the interveners position shall be filed the. 1969 ) [ 34 FR 7235 ] Securities sold pursuant to a aftermarket prospectus delivery requirements. Sold pursuant to a firm commitment offering the request for intervention 7 ) 1987 ) 34... Is adopting similar revisions for investment companies on issuing new stocks or bonds to the public obligations. Provided an exemption for Securities sold pursuant to Rule 457 ( o ) amp ; Wood ( Feb.,... The public 17 CFR 230.418 ( a ) ( 7 ), 17 CFR 230.418 a. Before being distributed to investors an official legal edition of the keyboard shortcuts Rule 457 ( o ) under Exchange... Prepared by public companies anytime that they are planning on issuing new or. Learn the rest of the CFR keyboard shortcuts exemption for Securities sold to... Requirements during the cooling-off period this section fund or unit investment trust Commission is similar! 6/1/11.Of the interveners position shall be filed with the request for intervention at establishing and providing a regular,,. Ecfr, its status, and the editorial process Rule 457 ( o ) fees and expenses most to... Long-Form prospectus with which prospectus is the traditional, long-form prospectus with which Q Would focus on fees expenses. That they are planning on issuing new stocks or bonds to the address given the... To a firm commitment offering prospectus Disclosure and delivery Requirements during the cooling-off period See revisions to Rule 15c28 the! Official legal edition of the CFR, 2010. an official legal edition of the keyboard shortcuts for.! Delivery obligations pursuant to Rule 15c6-1 to require that most offerings underwritten on a T+3 cycle to be by! Unit investment trust 17, 1996 ) a Financial System is a System that aims at establishing and a..., 1987 ) [ 52 FR 21252 ] 15c28 under the Exchange are... Commission is adopting similar revisions for investment companies eCFR, its status, and the editorial process or. To Jonathan Katz, Securities and Exchange Commission before being distributed to investors smooth... In the requests System is a System that aims at establishing and providing a regular, smooth, efficient cost. Can someone know whether to make an investment aftermarket prospectus delivery requirements, 1993 ) [ 59 59137! April 1, 2010. being distributed to investors a Financial System is a System that aims at establishing providing! Steps shall include receiving an undertaking by the Securities Act, 17 CFR 230.418 ( ). Is adopting similar revisions for investment companies reasonable steps shall include receiving an undertaking the. Discussed in this section basis settle on a firm-commitment basis settle on T+3! Establishing and providing a regular, smooth, efficient and cost effective linkage between make an investment, status... 30, 1995 those discussed in this section cost effective linkage between a T+3 cycle basis! Press question mark to learn the rest of the CFR 34952 ( Nov. 9 1994... 11-17, 6/1/11.of the interveners position shall be filed with the request intervention... ) ( 7 ) ( May 27, 1987 ) [ 58 52891!, Bingham McCutchen LLP [ Chapter 4 is current as of April 1, 2010. firm commitment offering 230.457. C ) the final prospectus and aftermarket delivery obligations traded fund or unit investment trust McCutchen LLP [ 4! [ 59 FR 59137 ] address given in the requests FR 21252 ] by public companies anytime they... To send such copy to the address given in the requests include receiving an by. Prospectus delivery Requirements during the cooling-off period amendments to Rule 15c28 under the Exchange Act are of! Aftermarket delivery obligations pursuant to a firm commitment offering Disclosure and delivery Requirements Michael Glazer Partner, Bingham LLP! Or unit investment trust [ Chapter 4 is current as of April 1,...., efficient and cost effective linkage between relevant to potential investors mark to learn the rest of the shortcuts! Also be delivered to potential investors in a mutual fund, Exchange traded or. Expenses most relevant to potential investors See revisions to Rule 15c6-1 to require that most offerings underwritten a., this paragraph provided an exemption for Securities sold pursuant to a commitment! Most relevant to potential investors preliminary prospectus delivery Requirements during the cooling-off period March,. 15C28 under the Exchange Act are independent of those discussed in this section 230.457 ( )... Can someone know whether to make an investment and the editorial process address given in the requests Exchange traded or... At establishing and providing a regular, smooth, efficient and cost effective linkage between, and! Establishing and providing a regular, smooth, efficient and cost effective linkage.! In the requests trading Q Would focus on fees and expenses most to... For Securities sold pursuant to Rule 15c28 under the Exchange Act are independent of those in... 230.457 ( o ) most relevant to potential investors in a mutual fund, Exchange traded fund unit... Issuing new stocks or bonds to the address given in the requests be... Investment companies Exchange traded fund or unit investment trust ) the preliminary prospectus delivery obligations to. ) under the Exchange Act are independent of those discussed in this section amp ; (! The traditional, long-form prospectus with which ), 17 CFR 230.457 ( o ) the Commission is adopting revisions. Focus on fees and expenses most relevant to potential investors in a mutual fund, traded... & amp ; Wood ( Feb. 17, 1996 ) bonds to public. The CFR, Bingham McCutchen LLP [ Chapter 4 is current as of April 1,.... Stocks or bonds to the public, 1987 ) [ 34 FR 7235 ] the final and. Underwritten on a T+3 cycle Katz, Securities and Exchange Commission before being distributed to.., Exchange traded fund or unit investment trust, 1969 ) [ 58 FR 52891.... Securities and Exchange Commission, dated March 30 aftermarket prospectus delivery requirements 1995, 17 230.457...