[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR230.170]

[Page 506]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933--Table of Contents
 
Sec. 230.170  Prohibition of use of certain financial statements.

    Financial statements which purport to give effect to the receipt and 
application of any part of the proceeds from the sale of securities for 
cash shall not be used unless such securities are to be offered through 
underwriters and the underwriting arrangements are such that the 
underwriters are or will be committed to take and pay for all of the 
securities, if any are taken, prior to or within a reasonable time after 
the commencement of the public offering, or if the securities are not so 
taken to refund to all subscribers the full amount of all subscription 
payments made for the securities. The caption of any such financial 
statement shall clearly set forth the assumptions upon which such 
statement is based. The caption shall be in type at least as large as 
that used generally in the body of the statement.

[21 FR 7566, Oct. 3, 1956]