Section 4003.303 - Prospectus Required For Certain Offers(a) Except as provided by Subsection (b), the commissioner shall require that, in connection with a permit qualifying securities for sale, all offers for the sale of the securities be made through a prospectus that: (1) fairly discloses the material facts about the plan of finance and business; and(2) must be filed with and approved by the commissioner.(b) The prospectus requirements of this section are satisfied if the applicant files a prospectus or offering circular with the commissioner that is also filed with the Securities and Exchange Commission under the Securities Act of 1933 ( 15 U.S.C. Section 77a et seq.) or the regulations under that law.(c) Failure to comply with the prospectus requirements of this section violates this title. (V.A.C.S. Art. 581-9, Subsec. C.)Tex. Gov't. Code § 4003.303
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 1.01, eff. 1/1/2022.