---
kind: "section"
citation: "17 C.F.R. § 230.135b"
title: "17"
number: "230.135b"
heading: "Materials not deemed an offer to sell or offer to buy nor a prospectus."
url: "https://uscodex.org/cfr/17/230.135b"
---

# §230.135b. Materials not deemed an offer to sell or offer to buy nor a prospectus.


Materials meeting the requirements of [§ 240.9b-1](/cfr/17/240.9b-1.md) of this chapter shall not be deemed an offer to sell or offer to buy a security for purposes solely of [Section 5](/cfr/17/5.md) ([15 U.S.C. 77e](/usc/15/77e.md)) of the Act, nor shall such materials be deemed a prospectus for purposes of Sections [2(a)(10)](/cfr/17/2.md?p=a-10) and [12(a)(2)](/cfr/17/12.md?p=a-2) (15 U.S.C. [77b(a)(10)](/usc/15/77b.md?p=a-10) and [77l(a)(2)](/usc/15/77l.md?p=a-2)) of the Act, even if such materials are referred to in, deemed to be incorporated by reference into, or otherwise in any manner deemed to be a part of a Form S-20 prospectus.


## Notes

### Amendments

[67 FR 228, Jan. 2, 2002]

### Authority

Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h, 77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78 l, 78m, 78n, 78o, 78o-7 note, 78t, 78w, 78 ll (d), 78mm, 80a-8, 80a-24, 80a-28, 80a-29, 80a-30, and 80a-37, and Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 313 (2012), unless otherwise noted. Section 230.151 is also issued under 15 U.S.C. 77s(a). Section 230.160 is also issued under Section 104(d) of the Electronic Signatures Act. Section 230.193 is also issued under sec. 943, Pub. L. 111-203, 124 Stat. 1376. Sections 230.400 to 230.499 issued under secs. 6, 8, 10, 19, 48 Stat. 78, 79, 81, and 85, as amended (15 U.S.C. 77f, 77h, 77j, 77s). Sec. 230.457 also issued under secs. 6 and 7, 15 U.S.C. 77f and 77g. Section 230.502 is also issued under 15 U.S.C. 80a-8, 80a-29, 80a-30.

### Amendments

[55 FR 18322, May 2, 1990, as amended at 62 FR 53954, Oct. 17, 1997; 63 FR 9642, Feb. 25, 1998]

### Amendments

[67 FR 228, Jan. 2, 2002]