---
kind: "section"
citation: "12 C.F.R. § 390.425"
title: "12"
number: "390.425"
heading: "Delayed or continuous offering and sale of securities."
url: "https://uscodex.org/cfr/12/390.425"
---

# §390.425. Delayed or continuous offering and sale of securities.


Any offer or sale of securities under [§ 390.411](/cfr/12/390.411.md) 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](/cfr/12/415.md), [17 CFR 230.415](/cfr/17/230.415.md); and
- (b) The association issuing the securities is in compliance with the FDIC's regulatory capital requirements during the time the offering is made.

## Notes

### Authority

Authority: 12 U.S.C. 1819. Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464. Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.

### Source

Source: 76 FR 47655, Aug. 5, 2011, unless otherwise noted.