Source: http://federal.elaws.us/cfr/title17.part230.section230.482
Timestamp: 2019-12-07 12:34:06
Document Index: 384804799

Matched Legal Cases: ['§ 230', 'art 230', '§230', '§230', '§230', '§230', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§270', '§230', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§239', '§270']

§ 230.482 Advertising by an investment company as satisfying requirements of section 10., Part 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933, CHAPTER II — SECURITIES AND EXCHANGE COMMISSION, Title 17 - Commodity and Securities Exchange, Code of Federal Regulations
(a) Scope of rule. This section applies to an advertisement or other sales material (advertisement) with respect to securities of an investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (1940 Act), or a business development company, that is selling or proposing to sell its securities pursuant to a registration statement that has been filed under the Act. This section does not apply to an advertisement that is excepted from the definition of prospectus by section 2(a)(10) of the Act (15 U.S.C. 77b(a)(10)) or §230.498(d) or to a summary prospectus under §230.498. An advertisement that complies with this section, which may include information the substance of which is not included in the prospectus specified in section 10(a) of the Act (15 U.S.C 77j(a)), will be deemed to be a prospectus under section 10(b) of the Act (15 U.S.C. 77j(b)) for the purposes of section 5(b)(1) of the Act (15 U.S.C. 77e(b)(1)).
(2) Advertisements used prior to effectiveness of registration statement. An advertisement that is used prior to effectiveness of the investment company's registration statement or the determination of the public offering price (in the case of a registration statement that becomes effective omitting information from the prospectus contained in the registration statement in reliance upon §230.430A) must include the “Subject to Completion” legend required by §230.481(b)(2).
(i) A legend disclosing that the performance data quoted represents past performance; that past performance does not guarantee future results; that the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; and that current performance may be lower or higher than the performance data quoted. The legend should also identify either a toll-free (or collect) telephone number or a Web site where an investor may obtain performance data current to the most recent month-end unless the advertisement includes total return quotations current to the most recent month ended seven business days prior to the date of use. An advertisement for a money market fund that is a government money market fund, as defined in §270.2a-7(a)(16) of this chapter, or a retail money market fund, as defined in §270.2a-7(a)(25) of this chapter may omit the disclosure about principal value fluctuation; and
(4) Money market funds. (i) An advertisement for an investment company that holds itself out to be a money market fund, that is not a government money market fund, as defined in §270.2a-7(a)(16) of this chapter, or a retail money market fund, as defined in §270.2a-7(a)(25) of this chapter, must include the following statement:
(ii) An advertisement for an investment company that holds itself out to be a money market fund, that is a government money market fund, as defined in §270.2a-7(a)(16) of this chapter or a retail money market fund, as defined in §270.2a-7(a)(25) of this chapter, and that is subject to the requirements of §270.2a-7(c)(2)(i) and/or (ii) of this chapter (or is not subject to the requirements of §270.2a-7(c)(2)(i) and/or (ii) of this chapter pursuant to §270.2a-7(c)(2)(iii) of this chapter, but has chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of §270.2a-7(c)(2)(i) and/or (ii)), must include the following statement:
(iii) An advertisement for an investment company that holds itself out to be a money market fund, that is a government money market fund, as defined in §270.2a-7(a)(16) of this chapter, that is not subject to the requirements of §270.2a-7(c)(2)(i) and/or (ii) of this chapter pursuant to §270.2a-7(c)(2)(iii) of this chapter, and that has not chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of §270.2a-7(c)(2)(i) and/or (ii)), must include the following statement:
(6) Commission legend. An advertisement that complies with this section need not contain the Commission legend required by §230.481(b)(1).
(i) Is based on the methods of computation prescribed in Form N-1A(§§239.15A and 274.11A of this chapter), N-3 (§§239.17a and 274.11b of this chapter), or N-4 (§§239.17b and 274.11c of this chapter);
(i) Is based on the methods of computation prescribed in Form N-1A (§§239.15A and 274.11A of this chapter), N-3 (§§239.17a and 274.11b of this chapter), or N-4 (§§239.17b and 274.11c of this chapter);
(i) Be based on the methods of computation prescribed in Form N-1A (§§239.15A and 274.11A of this chapter), N-3 (§§239.17a and 274.11b of this chapter), or N-4 (§§239.17b and 274.11c of this chapter);
(i) Be based on the methods of computation prescribed in Form N-1A (§§239.15A and 274.11A of this chapter);
(1) Yield. Any quotation of the money market fund's yield in an advertisement shall be based on the methods of computation prescribed in Form N-1A (§§239.15A and 274.11A of this chapter), N-3 (§§239.17a and 274.11b of this chapter), or N-4 (§§239.17b and 274.11c of this chapter) and may include:
(f) Advertisements that make tax representations. An advertisement for an open-end management investment company (other than a company that is permitted under §270.35d-1(a)(4) of this chapter to use a name suggesting that the company's distributions are exempt from federal income tax or from both federal and state income tax) that represents or implies that the company is managed to limit or control the effect of taxes on company performance must accompany any quotation of the company's performance permitted by paragraph (d) of this section with quotations of total return as provided for in paragraph (d)(4) of this section.
[68 FR 57777, Oct. 6, 2003, as amended at 74 FR 4584, Jan. 26, 2009; 79 FR 47957, Aug. 14, 2014]
[68 FR 57777, Oct. 6, 2003, as amended at 74 FR 4584, Jan. 26, 2009; 79 FR 47957, Aug. 14, 2014