New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.1 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Parts 16 and 18 of the regulations promulgated under the provisions of chapter
				  987 of the Laws of 1960 are hereby repealed 10 days after the filing of this
				  Part. This Part shall then become effective immediately.
(b) Chapter 987 of the Laws of 1960, chapter
				  762 of the Laws of 1961, chapter 57 of the Laws of 1962 and chapter 588 of the
				  Laws of 1963, when referred to below and in all rules and regulations issued by
				  the Attorney General relating thereto, shall be referred to as the New York
				  State Real Estate Syndicate Act.
(c) The Condominium, Theatre and Syndication
				  Financing Bureau of the Department of Law shall be responsible for the
				  administration of the New York State Real Estate Syndicate Act. Wherever in
				  this Part there is reference to filing with the Department of Law, this shall
				  mean the Condominium, Theatre and Syndication Financing Bureau thereof, at 28
				  Liberty Street, New York, NY 10005.
(d) The expressly enumerated "offering
				  statement" requirements of paragraph (b) of subdivision 1 of section 352-e of
				  the New York State Real Estate Syndicate Act shall only be included in offering
				  literature required to be filed under paragraph (a) of subdivision 1 of section 352-e  when, and as far as, applicable to the particular type of specific or
				  general real estate investment offering being made.
(e) The offering statement required to be
				  used by subdivision 3 of section 352-e shall include a prospectus, which shall
				  contain a full and fair summary of all material aspects of the offering. The
				  prospectus shall be so denoted except where the securities are offered pursuant
				  to a regulation A exemption under the Federal Securities Act of 1933 in which
				  case it may be denoted as an "offering circular." Twenty-five copies of such
				  prospectus or offering circular shall be filed as provided herein.
(f) Unless elsewhere provided by regulation,
				  prospectuses required to be filed with the Department of Law of the State of
				  New York pursuant to section 352-e  of the General Business Law of this
				  State shall be accompanied on the original filing by two copies of form RS-1 to
				  be issued by the Attorney General of this State for such purposes. All offering
				  literature to be employed in connection with the offering shall accompany such
				  original filing.
(g) Unless
				  elsewhere provided by regulation, documents filed with the Department of Law to
				  supplement or amend a prospectus already filed pursuant to the foregoing
				  subdivision or prior regulations and new or amended literature to be employed
				  in connection with an offering shall be accompanied by two copies of form RS-2
				  to be issued by the Attorney General of this State for that purpose. Such form,
				  together with 25 copies of the supplemental or amended literature shall be
				  filed with the Department of Law. Paragraph (a) of subdivision 2 of section 352-e  of the General Business Law is
				  applicable to the use of such additional material as new offering
				  literature.
(h) Unless elsewhere
				  provided by regulation, two copies of form RS-3 shall be filed by every real
				  estate syndicate offering securities (as defined in paragraph [a] of
				  subdivision 1 of section
				  352-e of the General Business Law) to the
				  public in or from this State after January 1, 1961, where the offering or real
				  estate transaction is abandoned or not consummated for any reason; upon which
				  form the actual disposition of funds raised shall be given, as well as an
				  accurate explanation for the failure to consummate the transaction.