Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69W - Securities
Chapter 69W-700 - REGISTRATION OF SECURITIES
Section 69W-700.003 - Content of Prospectus

Universal Citation: FL Admin Code R 69W-700.003

Current through Reg. 50, No. 187; September 24, 2024

(1) The information required in a prospectus need not follow any definite order. Such information shall not, however, be set forth in such fashion as to obscure any of the required information or any information necessary to keep the required information from being incomplete or misleading.

(2) All information contained in a prospectus shall be set forth under appropriate captions or headings reasonably indicative of the principal subject matter set forth thereunder. Except as to financial statements and other tabular data, all information set forth in a prospectus shall be divided into reasonably short paragraphs or sections.

(3) Every prospectus shall include a reasonably detailed table of contents showing the subject matter of the various sections or subdivisions of the prospectus and the page number on which each such section or subdivision begins.

(4) Except as to financial statements and information required in tabular form, the information set forth in a prospectus may be expressed in condensed or summarized form.

(5) Illustrations and comparative graphs making comparisons with other companies or that incorporate projected data concerning any subject matter may not be used in a prospectus to be filed with any application for registration of securities unless the same are necessary to a full disclosure of material facts enabling an investor to make an informed judgment of the offering.

(a) Graphs or charts used in addition to the textual description, illustrating the dilution of the investor's equity, the difference of the public offering price and price paid by promoters and insiders, the percentage of equity purchased by the public investor and the percentage purchased by the insiders and/or the use of the proceeds from the offering will be acceptable to the Office of Financial Regulation.

(b) Photographic reproductions of principal properties or important products in prospectuses are permissible where they do not create a misleading impression.

(c) Artists, architects or engineers' conceptions or renderings are not permissible since they may be misleading in that there is not assurance of completion of the structure or because of a lack of accuracy in the conception or rendering, but accurate maps or surveys are permissible where they do not create a misleading impression.

(d) Established corporate symbols or trademarks may be used if they do not create misleading impressions.

(6) If a prospectus is complex or lengthy, an understandable and readable summary shall be included in the forepart of the prospectus.

(7) A prospectus which conforms with requirements of the Securities and Exchange Commission or the Federal Deposit Insurance Corporation will be considered to be in substantial compliance with this rule.

(8) The prospectus shall disclose whether the issuer proposes to furnish to the security holders annual reports and whether such reports will contain certified audited or unaudited financial statements. The nature and frequency of other reports to be issued by the registrant shall be disclosed and whether or not such reports shall contain certified audited or unaudited financial statements. The disclosure is not necessary if registrant is required to send annual reports containing financial statements to security holders pursuant to the statutes or regulations administered by the Securities and Exchange Commission or pursuant to a listing agreement with a national securities exchange.

Rulemaking Authority 517.03 FS. Law Implemented 517.081(3) FS.

New 9-20-82, Formerly 3E-20.02, 3E-700.03, 3E-700.003, Amended 3-21-24.

Disclaimer: These regulations may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.