applicant may file a petition for a ruling as to materiality of any
information. The petition shall:
(2) set forth the
information on which a ruling is requested; and
(3) state the basis for the applicant's
belief that the information is not material.
A ruling by the commissioner on the
materiality of information shall be:
based solely on the representations in the petition; and
(2) valid only to the extent that the
representations are true and complete.
(c) If the commissioner rules that the
information is material, the information shall be included in the prospectus.
If the commissioner rules that the information is not material, the prospectus
shall not be deemed in violation of section 1 or 2 of this rule by virtue of
the omission of the information.
(d) The commissioner may decline to rule on
any petition filed under this section.