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Title 4, Division 1, Part 4 deals with advertising securities under the Corporate Securities Act Law of 1968.
Section 25300 prohibits any person from publishing any advertisement in this state concerning any security sold or offered for sale in this state unless a true copy of the advertisement has first been filed in the office of the commissioner at least three business days prior to the publication or a shorter period as the commissioner may by rule or order allow. This requirement does not apply to six specified advertisements.
Section 25301 provides that all advertisements published by any broker-dealer that are exempted from filing must be approved prior to use by signature or initial of an officer, partner, or responsible supervisory official of the broker-dealer and the signed or initialed copy is retained by the broker-dealer in an appropriate file for a period of three years, subject to examination by the commissioner.
Section 25302 prohibits any person from publishing any advertisement concerning any security in this state after the commissioner finds that the advertisement contains any statement that is false or misleading or omits to make any statement necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading and notifies the person in writing. This notification may be given summarily without notice or hearing. This section does not apply to any advertisement for any security which is subject to the supervision, regulation or examination of any of six specified entities.
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Author: Chris Micheli
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