United States Code · Section
§ 77e — Prohibitions Relating To Interstate Commerce And The Mails
15 U.S.C. § 77e
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(a) Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly—
(1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise; or
(2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale.
(b) It shall be unlawful for any person, directly or indirectly—
(1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to carry or transmit any prospectus relating to any security with respect to which a registration statement has been filed under this subchapter, unless such prospectus meets the requirements of section 77j of this title; or
(2) to carry or cause to be carried through the mails or in interstate commerce any such security for the purpose of sale or for delivery after sale, unless accompanied or preceded by a prospectus that meets the requirements of subsection (a) of section 77j of this title.
(c) It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 77h of this title.
(d) Notwithstanding any other provision of this section, an emerging growth company or any person authorized to act on behalf of an emerging growth company may engage in oral or written communications with potential investors that are qualified institutional buyers or institutions that are accredited investors, as such terms are respectively defined in section 230.144A and section 230.501(a) of title 17, Code of Federal Regulations, or any successor thereto, to determine whether such investors might have an interest in a contemplated securities offering, either prior to or following the date of filing of a registration statement with respect to such securities with the Commission, subject to the requirement of subsection (b)(2).
(e) Notwithstanding the provisions of section 77c or 77d of this title, unless a registration statement meeting the requirements of section 77j(a) of this title is in effect as to a security-based swap, it shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell, offer to buy or purchase or sell a security-based swap to any person who is not an eligible contract participant as defined in section 1a(18) of title 7.
Implementing Regulations
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PART 230—GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 193317 C.F.R. pt. 230
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§ 227.503 Disqualification provisions.17 C.F.R. § 227.503
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§ 230.135b Materials not deemed an offer to sell or offer to buy nor a prospectus.17 C.F.R. § 230.135b
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§ 230.154 Delivery of prospectuses to investors at the same address.17 C.F.R. § 230.154
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§ 230.165 Offers made in connection with a business combination transaction.17 C.F.R. § 230.165
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§ 230.135d Communications involving security-based swaps.17 C.F.R. § 230.135d
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§ 230.147A Intrastate sales exemption.17 C.F.R. § 230.147A
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§ 230.134b Statements of additional information.17 C.F.R. § 230.134b
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§ 230.135 Notice of proposed registered offerings.17 C.F.R. § 230.135
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§ 230.162 Submission of tenders in registered exchange offers.17 C.F.R. § 230.162
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§ 230.901 General statement.17 C.F.R. § 230.901
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§ 270.3a-4 Status of investment advisory programs.17 C.F.R. § 270.3a-4
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§ 275.206(4)-1 Investment adviser marketing.17 C.F.R. § 275.206(4)-1
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§ 230.424 Filing of prospectuses, number of copies.17 C.F.R. § 230.424
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§ 230.430A Prospectus in a registration statement at the time of effectiveness.17 C.F.R. § 230.430A
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§ 230.498 Summary Prospectuses for open-end management investment companies.17 C.F.R. § 230.498
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§ 230.430 Prospectus for use prior to effective date.17 C.F.R. § 230.430
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§ 230.801 Exemption in connection with a rights offering.17 C.F.R. § 230.801
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§ 230.456 Date of filing; timing of fee payment.17 C.F.R. § 230.456
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§ 240.12g5-1 Definition of securities “held of record”.17 C.F.R. § 240.12g5-1
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§ 230.262 Disqualification provisions.17 C.F.R. § 230.262
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§ 230.431 Summary prospectuses.17 C.F.R. § 230.431