950 CMR, § 14.403 - Filing of Sales and Advertising Literature

(A) Any person, including a broker-dealer, its agent or an issuer's agent, other than an issuer of a security, must file any sales literature used in connection with the offer or sale of a security in the Commonwealth unless such security is exempt from registration under M.G.L. c. 110A, § 402.

(B) No sales literature used in connection with the offer or sale of a federal covered security or of a security which is a revenue or general obligation security issued or guaranteed by The Commonwealth or any political subdivision thereof or any agency or corporate or other instrumentality of one or more of the foregoing need be filed with the Director.

(C) The term "sales literature" includes any prospectus, pamphlet, circular, form letter, advertisement or other literature or advertising communication addressed or intended for distribution to prospective investors. The term also includes all materials, including materials for internal use, distributed to agents of a broker-dealer during the period when such broker-dealer is obligated to deliver a prospectus under state or federal law, if the contents of such materials may be used in any way in connection with the offer of a particular security.

(D) One copy of each item of sales literature shall be filed with the Director either before or simultaneously with its first use.

Notes

950 CMR, § 14.403

Amended by Mass Register Issue 1284, eff. 4/10/2015.