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SEC staff publishes C&DIs on securities act rules

  • SEC (US Securities and Exchange Commission) Image

Sep 15, 2017

The staff in the SEC’s Division of Corporation Finance has released three compliance and disclosure interpretations (C&DIs) related to securities act rules.

The three C&DIs discuss the following:

  • Whether financial statements in the post-qualification amendment to a Form 1-A must be current at the time it is qualified (Question 182.21).
  • When an issuer whose “qualified Form 1‑A did not contain financial statements for the last full fiscal year preceding the fiscal year of effectiveness of a Form 8-A [is] required to file an annual report on Form 10-K for the preceding fiscal year” (Question 182.22).
  • When an issuer whose “qualified Form 1‑A did not contain financial statements for one or more quarterly periods that followed the most recent annual or semiannual period for which financial statements were included in the Form 1-A and that were completed prior to effectiveness of the Form 8-A [is] required to file quarterly reports for these quarterly periods” (Question 182.23).

For more in­for­ma­tion, see the C&DIs on the se­cu­ri­ties act rules on the SEC’s Web site.

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