HAR §16-39-340. Advertising

(a) Definition. For purposes of this section, "sales literature" means material published in connection with an offer, sale, or purchase of a security to or from the general public, including material published in electronic format, or designed for use, in a newspaper, magazine or other periodicals, radio, television, telephone solicitation or tape recording, videotaped display, signs, billboards, motion pictures, telephone directories (other than routine listings), other public media and any other written communication distributed or made generally available to the public, electronically or otherwise including, but not limited §16-39-341 39-35 to, prospectuses, pamphlets, circulars, form letters, seminar texts, research reports, surveys, performance reports or summaries and reprints or excerpts of other sales literature or advertising to include publications. (b) Filing requirement. Any sales literature used in connection with the offering of a security in this State shall be filed with the commissioner at least two business days prior to its proposed use; provided that the following materials shall be exempt from the filing requirements of this section: all advertising material previously filed with and cleared by the SEC or FINRA; all "tombstone" advertisements; and all advertisements relating to a federal covered security or to a security that is exempt from registration pursuant to section 485A-201 or 485A-202, HRS. (c) Application of antifraud provisions. Sales literature used in any manner in connection with the offer, sale, or purchase of a security shall be subject to the provisions of sections 485A-501 and 485A-505, HRS, whether or not the sales literature is required to be filed pursuant to section 485A-504, HRS, or this section. Sales literature shall not contain any ambiguity, exaggeration, or other misstatement or omission of material fact that might confuse or mislead an investor. (d) Prohibited disclosures. Unless specifically stating that the commissioner has not approved the merits of the security offering or the sales literature, no sales literature shall contain a reference to the commissioner unless such reference is specifically requested by the commissioner. [Eff 6/30/08; comp 11/18/23] (Auth: HRS §§485A-504, 485A- 606) (Imp: HRS §§485A-501, 485A-504, 485A-505, 485A- 606)