1. A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer.
2. a. Except as provided in subsection 13 and section 502.207A, subsection 3, paragraph "g", a person who files a registration statement shall pay a filing fee of one-tenth of one percent of the proposed aggregate sales price of the securities to be offered to persons in this state pursuant to the registration statement. However, except as provided in paragraph "c" of this subsection, subsection 13, and section 502.207A, subsection 3, paragraph "g", the annual filing fee shall not be less than fifty dollars or more than one thousand dollars.
b. The administrator shall retain the filing fee even if the registration is withdrawn, denied, suspended, revoked, or abandoned.
c. A person who is a face-amount certificate company, open-end management investment company, or a unit investment trust, as defined in the Investment Company Act of 1940, shall initially register and annually renew a registration statement in this state for an indefinite amount or a fixed amount. The fixed amount must be for two hundred fifty thousand dollars. A registrant shall pay a filing fee when the statement is filed. If the registration statement amount is indefinite, the registrant shall pay a filing fee of one thousand dollars. If the registration statement amount is fixed, the registrant shall pay a filing fee of two hundred fifty dollars, and the following shall apply:
(1) The registrant shall file a sales report with the administrator or pay an additional filing fee of one thousand two hundred fifty dollars within ninety days after the regis- tration statement's annual renewal date. If the registrant files a sales report with the administrator, the registrant shall pay an additional filing fee of one-tenth of one percent of the amount of securities sold in excess of two hundred fifty thousand dollars. The additional filing fee must be paid within ninety days after the registration statement's annual renewal date.
(2) The administrator shall order the registration of the additional securities effective retroactively as of the effective date of the registration statement that is being amended.
3. Every registration statement shall specify:
a. The amount of securities to be offered in this state;
b. The states in which a registration statement or application in connection with the offering has been or is to be filed; and
c. Any adverse order, judgment or decree entered in connection with the offering by the regulatory authorities in any state or by any court or the securities and exchange commission, or any withdrawal of a registration statement or application relating to the offering.
4. Any document filed under this chapter or a predecessor act within five years preceding the filing of a registration statement may be incorporated by reference in the registration statement to the extent that the document is currently accurate.
5. The administrator may by rule or otherwise permit the omission of any item of information or document from any registration statement.
6. In the case of a nonissuer distribution, information may not be required under section 502.207, or subsection 9, paragraph "b" of this section, unless it is known to the person filing the registration statement or to the persons on whose behalf the distribution is to be made, or can be furnished by them without unreasonable effort or expense.
7. The administrator may by rule or order require as a condition of registration that any security issued within the past three years or to be issued to a promoter for a consideration substantially different from the public offering price, or to any person for a consideration other than cash, be deposited in escrow; or that the proceeds from the sale of the registered security in this state be impounded until the issuer receives a specified amount from the sale of the security either in this state or elsewhere; or the administrator may impose both such requirements. The administrator may by rule or order determine the conditions of any escrow or impounding required hereunder, but the administrator may not reject a depository solely because of location in another state.
8. The administrator may by rule require that securities of designated classes shall be issued under a trust indenture containing such provisions as the administrator determines.
9. a. A registration statement shall remain effective for one year from its effective date unless it is renewed, extended, or amended by rule or order of the administrator. All outstanding securities of the same class as a registered security are considered to be registered for the purpose of any transaction by or on behalf of a person who is not the issuer, and who is not in control of the issuer or controlled by the issuer or under common control with the issuer, so long as the registration statement is effective, unless otherwise prescribed by order. A registration statement may not be withdrawn after its effective date if any of the securities has been sold in this state, unless permitted by rule or order of the administrator. A registration statement is not effective during the time a stop order is in effect under section 502.209. A registration statement which never became effective may be withdrawn without prejudice to the issuer upon request and for good cause as determined at the discretion of the administrator.
b. During the effective period of a registration statement, the administrator may by rule or order require the person who filed the registration statement to file reports, not more often than quarterly, to keep reasonably current the information contained in the registration statement and to disclose the progress of the offering. If any of the securities registered has been sold in this state, the administrator may by rule or order extend the period for filing the reports for an additional period not exceeding two years from the date the registration became effective or from the date of its last amendment or extension.
10. The administrator may by rule or order require as a condition of registration by qualification, and at the expense of the applicant or registrant, that a report by an accountant, engineer, appraiser, or other professional person be filed. The administrator may also designate one or more employees of the securities bureau to make an examination of the business and records of an issuer of securities for which a registration statement has been filed by qualification, at the expense of the applicant or registrant.
11. Except for face-amount certificate companies, open-end management investment companies, and unit investment trusts, as defined by the Investment Company Act of 1940, registration statements may be amended during the registration period to increase the amount of registered securities to be offered for sale to persons in this state.
a. The amendment to the registration statement becomes effective on the date ordered by the administrator.
b. Filing fees shall be calculated as specified by subsection 2, paragraph "a", and subsection 13.
12. The administrator may by rule or order require as a condition of registration under this chapter that a prospectus containing any designated part of the information specified in section 502.207, subsection 2, or the final prospectus or offering circular required by section 502.206, subsection 2, be delivered to each person to whom an offer is made before or concurrently with
a. The first written offer made to the offeree otherwise than by means of a public advertisement by or for the account of the issuer or any other person on whose behalf the offering is being made, or by any underwriter or broker-dealer who is offering part of an unsold allotment or subscription taken as a participant in the distribution;
b. The confirmation of any sale made by or for the account of any such person;
c. Payment pursuant to any such sale; or
d. Delivery of the security pursuant to any such sale, whichever first occurs.
13. a. With the exception of face-amount certificate companies, open-end management investment companies, and unit investment trusts, a registrant who sold securities to persons in this state in excess of the amount of securities registered in this state at the time of the sale may file an amendment to its registration statement to register the additional securities. The following requirements shall apply:
(1) If a registrant proposes to sell securities to persons in this state pursuant to a registration statement that is currently effective in this state in an amount that exceeds the amount registered in this state, the registrant must do both of the following:
(a) File an amendment to register the additional securities.
(b) Pay an additional filing fee in the same amount as specified by subsection 2, paragraph "a", as though the amendment constitutes a separate issue.
(2) If a registrant sold securities to persons in this state in excess of the amount registered in this state at that time, the registrant must do both of the following:
(a) File an amendment to register the additional securities.
(b) Pay an additional filing fee that is three times the amount specified in subsection 2, paragraph "a", as though the amendment constitutes a separate issue.
(3) The administrator may order the amendment effective retroactively as of the effective date of the registration statement that is being amended.
[SS15, § 1920-u2, -u3, -u6, -u8; C24, 27, § 8527, 8528, 8531, 8536, 8543; C31, 35, § 8581-c8, -c12, -c16; C39, § 8581.07, 8581.12, 8581.20; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 502.7(3), 502.12, 502.20; C77, 79, 81, § 502.208]
91 Acts, ch 40, §16, 17; 91 Acts, ch 258, §54; 94 Acts, ch 1031, §7--;10
Referred to in § 502.206, 502.207, 502.207A, 502.209, 502.501
Iowa General Assembly
Search: Iowa Code 1997
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