---
kind: "section"
citation: "12 C.F.R. § 16.4"
title: "12"
number: "16.4"
heading: "Communications not deemed an offer."
url: "https://uscodex.org/cfr/12/16.4"
---

# §16.4. Communications not deemed an offer.

- (a) The OCC will not deem the following communications to be an offer under [§ 16.3](/cfr/12/16.3.md) of this part:
  - (1) Prior to the filing of a registration statement, any notice of a proposed offering that satisfies the requirements of SEC [Rule 135](/cfr/12/135.md) ([17 CFR 230.135](/cfr/17/230.135.md));
  - (2) Subsequent to the filing of a registration statement, any notice, circular, advertisement, letter, or other communication published or transmitted to any person that satisfies the requirements of SEC [Rule 134](/cfr/12/134.md) ([17 CFR 230.134](/cfr/17/230.134.md));
  - (3) Subsequent to the filing of a registration statement, any oral offer of securities covered by that registration statement;
  - (4) Subsequent to the filing of a registration statement, any summary prospectus that is filed as a part of that registration statement and satisfies the requirements of SEC [Rule 431](/cfr/12/431.md) ([17 CFR 230.431](/cfr/17/230.431.md));
  - (5) Subsequent to the effective date of a registration statement, any written communication if it is proved that each recipient of the communication simultaneously or previously received a written prospectus meeting the requirements of section 10(a) of the Securities Act ([15 U.S.C. 77j(a)](/usc/15/77j.md?p=a)) and [§ 16.15](/cfr/12/16.15.md) of this part that was filed with and declared effective by the OCC;
  - (6) A notice of a proposed unregistered offering that satisfies the requirements of SEC [Rule 135c](/cfr/12/135c.md) ([17 CFR 230.135c](/cfr/17/230.135c.md)); and
  - (7) A communication that satisfies the requirements of SEC Rule [138](/cfr/12/138.md) or [139](/cfr/12/139.md) (17 CFR [230.138](/cfr/17/230.138.md) or [230.139](/cfr/17/230.139.md)).
- (b) The OCC may request that communications not deemed an offer under [paragraph (a)](#a) of this section be submitted to the OCC.
- (c) The OCC may prohibit the publication or distribution of any communication not deemed an offer under [paragraph (a)](#a) of this section if necessary to protect the investing public.

## Notes

### Amendments

[59 FR 54798, Nov. 2, 1994, as amended at 82 FR 8107, Jan. 23, 2017]

### Authority

Authority: 12 U.S.C. 1 et seq., 93a, 1462a, 1463, 1464, and 5412(b)(2)(B).

### Source

Source: 59 FR 54798, Nov. 2, 1994, unless otherwise noted.

### Amendments

[59 FR 54798, Nov. 2, 1994, as amended at 82 FR 8107, Jan. 23, 2017]