Ill. Admin. Code tit. 14 § 130.440

Current through Register Vol. 48, No. 49, December 6, 2024

Section 130.440 - Procedures for Filing Reports of Sale under Section 4.G of the Act

a) The issuer, controlling person, or dealer shall file with the Springfield or Chicago office of the Securities Department one copy of the Report of Sale on Illinois Form 4G or Form D executed by a person duly designated by the filing party, accompanied by the filing fee referred to below on or after the date of the first sale made to an Illinois resident in reliance upon Section 4.G of the Act, but no later than twelve months after the date of the first such sale.

b) The filing fee for each Report of Sale required under Section 4.G of the Act shall be in the amount specified in Section 130.110. The Report of Sale shall not be deemed to be filed until the proper filing fee is delivered to the Securities Department.

c) The Securities Department will review a Report of Sale submitted under Section 4.G of the Act and notify the filing party of any deficiencies. A Report of Sale shall not be deemed to be filed unless the information required by Section 130.442 of this Part is included therein without any material deficiency.

d) By filing a Report of Sale, the filing party attests that the sales covered by the Report of Sale have not and will not be made by means of general advertising or general solicitation in this State; the sales of such securities have not and will not be made, commissions, discounts or other remuneration have not and will not be paid, and prospectuses have not and will not be delivered, in each case in excess of those permitted by Section 4.G of the Act; and the filing party will provide a copy of the prospectus, offering circular or other disclosure document, as the case may be, or the name and address of each Illinois purchaser to the Securities Department within 72 hours after written request (which may be made by electronic, facsimile or other similar transmission or delivery).

e) The penalty for failure to file timely shall be in the amount specified in Section 130.110 of this Part.

Ill. Admin. Code tit. 14, § 130.440

Amended at 21 Ill. Reg. 15892, effective December 1, 1997