Source: https://www.law.cornell.edu/cfr/text/17/230.168?qt-cfr_tabs=2
Timestamp: 2015-09-03 16:46:54
Document Index: 278509348

Matched Legal Cases: ['art 230', '§ 230', '§ 230', '§ 239', '§ 230', '§\n229', '§ 228', '§ 229', '§ 249']

17 CFR 230.168 - Exemption from sections 2(a)(10) and 5(c) of the Act for certain communications of regularly released factual business information and forward-looking information. | US Law | LII / Legal Information Institute
CFR › Title 17 › Chapter II › Part 230 › Section 230.168 17 CFR 230.168 - Exemption from sections 2(a)(10) and 5(c) of the Act for certain communications of regularly released factual business information and forward-looking information.
§ 230.168
Exemption from sections 2(a)(10) and 5(c) of
the Act for certain communications of regularly
released factual business information and forward-looking information.
Preliminary Notes to § 230.168.
1. This section is not available for any communication that, although in
technical compliance with this section, is part of a plan or scheme to evade the requirements of section 5 of the Act.
2. This section provides a non-exclusive safe harbor for factual business
information and forward-looking information released or disseminated as
provided in this section. Attempted compliance with this section does not
act as an exclusive election and the
issuer also may claim the availability of any
other applicable exemption or exclusion. Reliance on this section does not
affect the availability of any other exemption or exclusion from the
definition of prospectus in section
2(a)(10) or the requirements of section 5
3. The availability of this section for a release or dissemination of a
communication that contains or incorporates factual business information or
forward-looking information will not be affected by another release or
dissemination of a communication that contains all or a portion of the same
factual business information or forward-looking information that does not
satisfy the conditions of this section.
For purposes of sections 2(a)(10) and 5(c) of
the Act, the regular release or dissemination by
or on behalf of an issuer (and, in the case of an asset-backed issuer, the other persons specified in paragraph (a)(3)
of this section) of communications containing factual business information
or forward-looking information shall be deemed not to constitute an offer to
sell or offer for sale of a security which is the subject of an offering pursuant to a registration statement that the
issuer proposes to file, or has filed, or
that is effective, if the conditions of this section are satisfied by any of the
An issuer that is required to file reports pursuant to section 13 or section
15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d));
A foreign private issuer that:
Meets all of the registrant requirements of Form F-3 (§ 239.33 of this chapter) other than the
reporting history provisions of General Instructions I.A.1. and I.A.2.(a) of
Form F-3;
Satisfies the public float threshold in General Instruction I.B.1. of
Form F-3; or
Is issuing non-convertible securities, other than common equity, and meets the provisions of General
Instruction I.B.2. of Form F-3 (referenced in 17 CFR
239.33 of this chapter); and
Has its equity securities trading on a designated offshore securities market as defined in Rule
902(b) (§ 230.902(b)) and has had them so traded for at least 12 months; or
Has a worldwide market value of its outstanding common equity held by non-affiliates of $700 million or
An asset-backed issuer or a depositor, sponsor, or servicer (as such
terms are defined in Item 1101 of Regulation AB (§
229.1101 of this chapter)) or an affiliated
depositor, whether or not such other person is the issuer.
Factual business information means some or all of the
following information that is released or disseminated under the
conditions in paragraph (d) of this section,
including, without limitation, such factual business information contained
in reports or other materials filed with, furnished to, or submitted to the
Commission pursuant to the Securities
Exchange Act of 1934 (15 U.S.C. 78a
Factual information about the issuer, its business or financial developments, or other
aspects of its business;
Advertisements of, or other information about, the issuer's products or services; and
Forward-looking information means some or all of the following
information that is released or disseminated under the conditions in paragraph (d) of this
section, including, without limitation, such forward-looking information
contained in reports or other materials filed with, furnished to, or
submitted to the Commission pursuant to the Securities Exchange Act of 1934:
Projections of the issuer's revenues, income (loss), earnings
(loss) per share, capital expenditures, dividends, capital
structure, or other financial items;
Statements about the issuer management's plans and objectives for
future operations, including plans or objectives relating to the products or
services of the issuer;
Statements about the issuer's future economic performance,
including statements of the type contemplated by the management's discussion
and analysis of financial condition and results of operation described in
Item 303 of Regulations S-B and S-K (§ 228.303 and § 229.303 of this
chapter) or the operating and financial review and prospects
described in Item 5 of Form 20-F (§ 249.220f
of this chapter); and
Assumptions underlying or relating to any of the information described in
paragraphs (b)(2)(i), (b)(2)(ii) and (b)(2)(iii) of this section.
For purposes of this section, the release or dissemination of a
communication is by or on behalf of the issuer if the issuer or an agent or representative of the
issuer, other than an offering participant who is an underwriter or dealer, authorizes or approves such
release or dissemination before it is made.
For purposes of this section, in the case of communications of a
person specified in paragraph (a)(3) of this
section other than the asset-backed issuer, the release or dissemination of a
communication is by or on behalf of such other person if such other person or its agent or representative, other than an
underwriter or dealer, authorizes or approves
such release or dissemination before it is made.
Exclusion. A communication containing information about the
registered offering or released or disseminated as part of the
offering activities in the registered
offering is excluded from the exemption of
Conditions to exemption. The following conditions must be satisfied:
The issuer (or in the case of an asset-backed
issuer, the issuer and the other persons specified in
paragraph (a)(3) of this section, taken together) has previously released or
disseminated information of the type described in this section in the
ordinary course of its business;
The timing, manner, and form in which the information is released or
disseminated is consistent in material respects with similar past releases or
disseminations; and
The issuer is not an investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1
et seq.) or a business development company as defined in section 2(a)(48) of the Investment
Company Act of 1940 (15 U.S.C. 80a-2(a)(48)).
[70 FR 44807, Aug. 3, 2005, as amended at 76 FR 46617, Aug. 3, 2011]