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Can you summarize ALAC Chapter 830-X-4?
Alabama Securities Commission > REGISTRATION OF SECURITIES
Short Summary
The provided legal document content pertains to the registration of securities in Alabama. It outlines the requirements for submitting applications for registration of securities by Coordination or Qualification. The document emphasizes the importance of providing all requested information and submitting additional exhibits if necessary. It also mentions that misrepresenting the Commission’s recommendation or the accuracy of the prospectus is a criminal offense. The document provides guidelines for the content and form requirements of prospectuses, including the need for full disclosure of financial and other information. It allows for the use of illustrations, graphs, and charts if necessary. The document also outlines the requirements for the termination date of a prospectus and the preparation and filing of financial statements. It specifies that financial statements should generally be prepared on a consolidated basis and audited by independent certified public accountants. The document sets forth expense limitations for offerings of securities and provides guidelines for issuers of preferred stock or debt securities. It also governs the circulation of preliminary prospectuses and the escrow of proceeds from the sale of securities. The document mentions the separate registration of portfolios and series issued by open-end management investment companies. It provides guidelines for granting options or warrants to underwriters and the issuance and reservation of options and warrants by issuers. The document also outlines the requirements for appointing and maintaining an independent transfer agent and/or registrar for securities and prohibits the offering or sale of securities on credit or credit terms. It addresses the consents of experts in relation to the registration of securities and specifies the criteria for justifying the price of equity securities after the first offering. The document also references NASAA Guidelines for various aspects of securities registration. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Applicants for registration of securities, Alabama Securities Commission
What does it govern?
Registration of securities
What are exemptions?
Open-end investment companies, offerings subject to the provisions of the Securities Act of 1933 and General Rules and Regulations thereunder
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Alabama