Delayed or continuous offering and sale of securities.

Any offer or sale of securities under § 390.411 may be made on a continuous or delayed basis in the future, if: (a) The securities would satisfy all of the eligibility requirements of the Commission's Rule 415, 17 CFR 230.415; and (b) The association issuing the securities is in compliance with the FDIC's regulatory capital requirements during the time the offering is made.