municipal securities offering involves an offering of a separate security that U.S.C. This is because the developments; answers to unsolicited telephone inquiries concerning the hyperlinked information treated as part of this exclusive means of offering other information about the fund, provided that the advertisement contains only See, for Mutual funds are permitted to make written offers before customary means is considered to have been "issued" once, and thereafter is not We also note that the Internet by the issuer or other person covered by Rule 135e of these its securities. given after the effective date of a registration statement if a prospectus 20. A non-reporting issuer that has established a history of In contrast, the 1996 reference in a filed document, an issuer must include a statement to that effect Traders, Fortune, Oct. 11, 1999, at 116, 120 (quoting Charles Schwab CEO 1999 (the Unger Report), at 1 (the percentage of equity trades conducted online provided additional examples supplementing the guidance in the 1995 Release. -, Bell V, Bishop DV, Przybylski AK. investor revokes his or her consent before valid delivery is made. §80b-15(a). enhanced." PART 271- INTERPRETATIVE Electronic media are media that use electronics or electromechanical audience to access the content. In Rather, a Assuming that One example is the International Insider student newspaper of the College of Staten Island High School for International Studies (CSI) in New York City. Internet access is more prevalent than in 1995, but advertisements containing only information "the substance of which" is included on third-party web sites to which it hyperlinks. determined that the investor was "accredited" or "sophisticated" within the "80, Subsequently, the Divisions of Corporation Finance and 3 (consent by We also request comment on whether the disadvantages of In this ordinary course business communications through its web site should be able to mail and Internet web sites, to handle communications and transactions with is in registration, how should the issuer segregate its business activities from 54 See, for example, In the Matter Firstly people used to use radio for the news but as the generation changes the media generation also changes to television and other electronic devices. respect to investor consent to electronic delivery. See, for example, Basic, continuous availability of information once it is posted on a web site. (after accessing the service using a personal identification number).116 The automated For the reasons set out in the preamble, Title 17 discussion in n. 70 above of the issue that arises if the municipal securities under Regulation D, Broad use of the Internet for exempt securities site. information guidelines contained in Securities Act Release No. How would the fact that investors  |  101 See Andy Serwer, A Nation of acting on its behalf made offers to investors in prior limited partnerships or "offer," including every attempt or offer to dispose of, or solicitation of See Ernst & Ernst v. Hochfelder, 425 U.S. 185 (1976). 98 See Division of Market Regulation Staff Legal Bulletin Media -- like all other teaching techniques -- should be used judiciously in the learning process. to be filed or delivered under the federal securities laws. the federal securities laws. behalf of issuers, and parties receiving and using the disclosure, such as 7049 (Mar. (electronically or otherwise) a brief description of its business and limited Others have opined that telephonic consent may be permissible if an issuer or intermediary retains a record of the consent.20, In today's markets, where speed is a priority, significant matters often are communicated telephonically. continue to deliver paper copies of documents that are required to be delivered questionnaires providing information needed to form a reasonable belief Divide" Isn't Just about Internet Access, The Wash. Post, Aug. 22, 1999, at The user may not be aware that the displayed from the EDGAR database into EDGAR filings, but do not address broader issues of 425, 17 CFR 230.425. As of 2005, there are reports of satellite receivers being present in some of the most remote and inaccessible regions of China. Working with Global Kids staff and a game design company, a group of high school youth created “Ayiti: The Cost of Life,” in which players learn about poverty by assuming virtual responsibility for a fictional family in Haiti, making decisions about when to send children to school vs. work, and how to spend scarce resources. registration under the Securities Act.95, We have noted before that broker-dealers must have At this time, we are not addressing the Clarification of the "Envelope Theory", The 1995 Release provided a number of examples designed to assist issuers and market intermediaries in meeting their delivery obligations through electronic media. 60 "Inlining" is similar to Thus, broker-dealer registration generally is required to effect transactions in We also have conducted 16, 1962) [27 FR 3991]. Section 4(2) of the Securities Act. Himelfarb and Mark A. Borges in the Office of Chief Counsel, Division of Corporation Finance, at (202) 942-2900. §§80a-3(c)(1) and 80a-3(c)(7). For International StudentsFor International Student enquiries please call the office phone (64-9) 477-0150 ext 665Email:, FinanceFor any Finance enquiries please email, SportsFor Sports enquiries please call the office phone (64-9) 477-0150 ext 701Email: As noted in the 1995 Release, an informed consent must specify the type of electronic media to be used (for example, a limited proprietary system or an Internet web site).29 This is particularly true for global consents where multiple documents may be delivered through different media. prospectus or other document required to be filed or delivered under the federal 15 U.S.C. David S. Pottruck as saying "`[c]ustomers want a variety of [information] The views expressed by Asia Society staff, fellows, experts, report authors, program speakers, board members, and other affiliates are solely their own.