451.2504 Sales and advertising literature; filing.
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451.2504 Sales and advertising literature; filing.
Sec. 504.
(1)Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act.
(2)This section does not apply to sales and advertising literature specified in subsection
(1)relating to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 201, 202, or 203 except as required under section 201(g) or 202(1)(x).
History: 2008, Act 551 , Eff. Oct. 1, 2009 ;-- Am. 2013, Act 264 , Imd. Eff. Dec. 30, 2013
Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.