Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart E - REGISTRATION OF SECURITIES
Section 130.576 - Statement Required in Prospectuses

Universal Citation: 14 IL Admin Code ยง 130.576

Current through Register Vol. 48, No. 12, March 22, 2024

a) There shall be set forth on the outside front cover page of every prospectus the following statement in capital letters printed in boldface roman type at least as large as 10-point modern type and at least 2 points leaded:

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECRETARY OF STATE OF ILLINOIS OR THE STATE OF ILLINOIS, NOR HAS THE SECRETARY OF STATE OF ILLINOIS OR THE STATE OF ILLINOIS PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

or in the alternative, where applicable:

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

b) There shall be set forth on the outside front cover page of every prospectus relating to a registrant under Section 5.B of the Act which:

1) has not been engaged in the business in which it is then engaged for five years, or

2) has not had a net profit in each of the last three years, the following statement in capital letters printed in boldface roman type at least as large as 10-point modern type and at least 2 points leaded:

THE SECURITIES OFFERED HEREBY INVOLVE A HIGH DEGREE OF RISK.

c) The Secretary of State may grant a waiver or variance of this legend if a legend of similar wording and type size required by the Securities and Exchange Commission conveys the same thought; if the circumstances of the loss in the last 3 years were attributable to an act of God, or other event over which neither the issuer nor any of its affiliates had control, or if the issuer shall have demonstrated that the loss is non-recurring and has not had a materially adverse effect on its business operations and financial position or that, under all the circumstances, such legend would not be true.

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