§ 401.030. Underwriting commitment letters and letters of intent.
(a) It shall be unlawful for any person to circulate, quote, present, publish or otherwise use any underwriting commitment letter, letter of intent to underwrite, or other document evidencing the present or future intent of any person to underwrite or otherwise conduct a public offering of securities, whether presently or in the future, on behalf of any issuer when such circulation, quotation, presentation, publication or other use is intended to fraudulently induce prospective public investors to purchase the securities of that issuer or any related issuer, except that this section shall not be applicable to customary disclosures to institutional investors or to the employes of a commercial bank or other financial institution for the purpose of the issuer’s obtaining financing from such institution or to disclosures among underwriters or prospective members of an underwriting group.
(b) Nothing in subsection (a) shall be deemed to prevent the normal disclosure of an underwriting agreement in a prospectus issued pursuant to a registration statement under the Securities Act of 1933 (15 U.S.C.A. § § 77a—77z-3), or this act.
Source The provisions of this § 401.030 adopted March 29, 1974, effective March 30, 1974, 4 Pa.B. 584; transferred and renumbered from 64 Pa. Code § 401.030, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533. Immediately preceding text appears at serial page (317634).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
