---
kind: "unit"
title: "17"
title_heading: "Commodity and Securities Exchanges"
key: "chII/part230"
level: "part"
label: "Part 230"
heading: "General Rules and Regulations, Securities Act of 1933"
release: "ecfr-current"
date: "2026-08-27"
url: "https://uscodex.org/cfr/17/chII-part230"
sections_count: 214
---

# Part 230 — General Rules and Regulations, Securities Act of 1933

Title 17 C.F.R. — Commodity and Securities Exchanges › Chapter II — Securities and Exchange Commission

## Sections

- [§230.100. Definitions of terms used in the rules and regulations.](/cfr/17/230.100.md)
- [§230.110. Business hours of the Commission.](/cfr/17/230.110.md)
- [§230.111. Payment of filing fees.](/cfr/17/230.111.md)
- [§230.120. Inspection of registration statements.](/cfr/17/230.120.md)
- [§230.122. Non-disclosure of information obtained in the course of examinations and investigations.](/cfr/17/230.122.md)
- [§230.130. Definition of “rules and regulations” as used in certain sections of the Act.](/cfr/17/230.130.md)
- [§230.131. Definition of security issued under governmental obligations.](/cfr/17/230.131.md)
- [§230.132. Definition of “common trust fund” as used in section 3(a)(2) of the Act.](/cfr/17/230.132.md)
- [§230.133. Definition for purposes of section 5 of the Act, of “sale”, “offer”, “offer to sell”, and “offer for sale”.](/cfr/17/230.133.md)
- [§230.134. Communications not deemed a prospectus.](/cfr/17/230.134.md)
- [§230.134a. Options material not deemed a prospectus.](/cfr/17/230.134a.md)
- [§230.134b. Statements of additional information.](/cfr/17/230.134b.md)
- [§230.135. Notice of proposed registered offerings.](/cfr/17/230.135.md)
- [§230.135a. Generic advertising.](/cfr/17/230.135a.md)
- [§230.135b. Materials not deemed an offer to sell or offer to buy nor a prospectus.](/cfr/17/230.135b.md)
- [§230.135c. Notice of certain proposed unregistered offerings.](/cfr/17/230.135c.md)
- [§230.135d. Communications involving security-based swaps.](/cfr/17/230.135d.md)
- [§230.135e. Offshore press conferences, meetings with issuer representatives conducted offshore, and press-related materials released offshore.](/cfr/17/230.135e.md)
- [§230.136. Definition of certain terms in relation to assessable stock.](/cfr/17/230.136.md)
- [§230.137. Publications or distributions of research reports by brokers or dealers that are not participating in an issuer's registered distribution of securities.](/cfr/17/230.137.md)
- [§230.138. Publications or distributions of research reports by brokers or dealers about securities other than those they are distributing.](/cfr/17/230.138.md)
- [§230.139. Publications or distributions of research reports by brokers or dealers distributing securities.](/cfr/17/230.139.md)
- [§230.139a. Publications by brokers or dealers distributing asset-backed securities.](/cfr/17/230.139a.md)
- [§230.139b. Publications or distributions of covered investment fund research reports by brokers or dealers distributing securities.](/cfr/17/230.139b.md)
- [§230.140. Definition of “distribution” in section 2(11) for certain transactions.](/cfr/17/230.140.md)
- [§230.141. Definition of “commission from an underwriter or dealer not in excess of the usual and customary distributors' or sellers' commissions” in section 2(11), for certain transactions.](/cfr/17/230.141.md)
- [§230.142. Definition of “participates” and “participation,” as used in section 2(11), in relation to certain transactions.](/cfr/17/230.142.md)
- [§230.143. Definition of “has purchased”, “sells for”, “participates”, and “participation”, as used in section 2(11), in relation to certain transactions of foreign governments for war purposes.](/cfr/17/230.143.md)
- [§230.144. Persons deemed not to be engaged in a distribution and therefore not underwriters.](/cfr/17/230.144.md)
- [§230.144A. Private resales of securities to institutions.](/cfr/17/230.144A.md)
- [§230.145. Reclassification of securities, mergers, consolidations and acquisitions of assets.](/cfr/17/230.145.md)
- [§230.145a. Business combinations with reporting shell companies.](/cfr/17/230.145a.md)
- [§230.146. Rules under section 18 of the Act.](/cfr/17/230.146.md)
- [§230.147. Intrastate offers and sales.](/cfr/17/230.147.md)
- [§230.147A. Intrastate sales exemption.](/cfr/17/230.147A.md)
- [§230.148. Exemption from general solicitation or general advertising.](/cfr/17/230.148.md)
- [§230.149. Definition of “exchanged” in section 3(a)(9), for certain transactions.](/cfr/17/230.149.md)
- [§230.150. Definition of “commission or other remuneration” in section 3(a)(9), for certain transactions.](/cfr/17/230.150.md)
- [§230.151. Safe harbor definition of certain “annuity contracts or optional annuity contracts” within the meaning of section 3(a)(8).](/cfr/17/230.151.md)
- [§230.152. Integration.](/cfr/17/230.152.md)
- [§230.152a. Offer or sale of certain fractional interests.](/cfr/17/230.152a.md)
- [§230.153. Definition of “preceded by a prospectus” as used in section 5(b)(2) of the Act, in relation to certain transactions.](/cfr/17/230.153.md)
- [§230.153a. Definition of “preceded by a prospectus” as used in section 5(b)(2) of the Act, in relation to certain transactions requiring approval of security holders.](/cfr/17/230.153a.md)
- [§230.153b. Definition of “preceded by a prospectus”, as used in section 5(b)(2), in connection with certain transactions in standardized options.](/cfr/17/230.153b.md)
- [§230.154. Delivery of prospectuses to investors at the same address.](/cfr/17/230.154.md)
- [§230.155. Reserved](/cfr/17/230.155.md)
- [§230.156. Investment company and registered non-variable annuity sales literature.](/cfr/17/230.156.md)
- [§230.157. Small entities under the Securities Act for purposes of the Regulatory Flexibility Act.](/cfr/17/230.157.md)
- [§230.158. Definitions of certain terms in the last paragraph of section 11(a).](/cfr/17/230.158.md)
- [§230.159. Information available to purchaser at time of contract of sale.](/cfr/17/230.159.md)
- [§230.159A. Certain definitions for purposes of section 12(a)(2) of the Act.](/cfr/17/230.159A.md)
- [§230.160. Registered investment company exemption from Section 101(c)(1) of the Electronic Signatures in Global and National Commerce Act.](/cfr/17/230.160.md)
- [§230.161. Amendments to rules and regulations governing exemptions.](/cfr/17/230.161.md)
- [§230.162. Submission of tenders in registered exchange offers.](/cfr/17/230.162.md)
- [§230.163. Exemption from section 5(c) of the Act for certain communications by or on behalf of well-known seasoned issuers.](/cfr/17/230.163.md)
- [§230.163A. Exemption from section 5(c) of the Act for certain communications made by or on behalf of issuers more than 30 days before a registration statement is filed.](/cfr/17/230.163A.md)
- [§230.163B. Exemption from section 5(b)(1) and section 5(c) of the Act for certain communications to qualified institutional buyers or institutional accredited investors.](/cfr/17/230.163B.md)
- [§230.164. Post-filing free writing prospectuses in connection with certain registered offerings.](/cfr/17/230.164.md)
- [§230.165. Offers made in connection with a business combination transaction.](/cfr/17/230.165.md)
- [§230.166. Exemption from section 5(c) for certain communications in connection with business combination transactions.](/cfr/17/230.166.md)
- [§230.167. Communications in connection with certain registered offerings of asset-backed securities.](/cfr/17/230.167.md)
- [§230.168. Exemption from sections 2(a)(10) and 5(c) of the Act for certain communications of regularly released factual business information and forward-looking information.](/cfr/17/230.168.md)
- [§230.169. Exemption from sections 2(a)(10) and 5(c) of the Act for certain communications of regularly released factual business information.](/cfr/17/230.169.md)
- [§230.170. Prohibition of use of certain financial statements.](/cfr/17/230.170.md)
- [§230.171. Disclosure detrimental to the national defense or foreign policy.](/cfr/17/230.171.md)
- [§230.172. Delivery of prospectuses.](/cfr/17/230.172.md)
- [§230.173. Notice of registration.](/cfr/17/230.173.md)
- [§230.174. Delivery of prospectus by dealers; exemptions under section 4(3) of the Act.](/cfr/17/230.174.md)
- [§230.175. Liability for certain statements by issuers.](/cfr/17/230.175.md)
- [§230.176. Circumstances affecting the determination of what constitutes reasonable investigation and reasonable grounds for belief under section 11 of the Securities Act.](/cfr/17/230.176.md)
- [§230.180. Exemption from registration of interests and participations issued in connection with certain H.R. 10 plans.](/cfr/17/230.180.md)
- [§230.190. Registration of underlying securities in asset-backed securities transactions.](/cfr/17/230.190.md)
- [§230.191. Definition of “issuer” in section 2(a)(4) of the Act in relation to asset-backed securities.](/cfr/17/230.191.md)
- [§230.192. Conflicts of interest relating to certain securitizations.](/cfr/17/230.192.md)
- [§230.193. Review of underlying assets in asset-backed securities transactions.](/cfr/17/230.193.md)
- [§230.194. Definitions of the terms “swap” and “security-based swap” as used in the Act.](/cfr/17/230.194.md)
- [§230.215. Accredited investor.](/cfr/17/230.215.md)
- [§230.236. Exemption of shares offered in connection with certain transactions.](/cfr/17/230.236.md)
- [§230.237. Exemption for offers and sales to certain Canadian tax-deferred retirement savings accounts.](/cfr/17/230.237.md)
- [§230.238. Exemption for standardized options.](/cfr/17/230.238.md)
- [§230.239. Exemption for offers and sales of certain security-based swaps.](/cfr/17/230.239.md)
- [§230.240. Exemption for certain security-based swaps.](/cfr/17/230.240.md)
- [§230.241. Solicitations of interest.](/cfr/17/230.241.md)
- [§230.251. Scope of exemption.](/cfr/17/230.251.md)
- [§230.252. Offering statement.](/cfr/17/230.252.md)
- [§230.253. Offering circular.](/cfr/17/230.253.md)
- [§230.254. Preliminary offering circular.](/cfr/17/230.254.md)
- [§230.255. Solicitations of interest and other communications.](/cfr/17/230.255.md)
- [§230.256. Definition of “qualified purchaser”.](/cfr/17/230.256.md)
- [§230.257. Periodic and current reporting; exit report.](/cfr/17/230.257.md)
- [§230.258. Suspension of the exemption.](/cfr/17/230.258.md)
- [§230.259. Withdrawal or abandonment of offering statements.](/cfr/17/230.259.md)
- [§230.260. Insignificant deviations from a term, condition or requirement of Regulation A.](/cfr/17/230.260.md)
- [§230.261. Definitions.](/cfr/17/230.261.md)
- [§230.262. Disqualification provisions.](/cfr/17/230.262.md)
- [§230.263. Consent to service of process.](/cfr/17/230.263.md)
- [§230.300-230.346. Reserved](/cfr/17/230.300-230.346.md)
- [§230.400. Application of §§ 230.400 to 230.494, inclusive.](/cfr/17/230.400.md)
- [§230.401. Requirements as to proper form.](/cfr/17/230.401.md)
- [§230.401a. Requirements as to proper form.](/cfr/17/230.401a.md)
- [§230.402. Number of copies; binding; signatures.](/cfr/17/230.402.md)
- [§230.403. Requirements as to paper, printing, language and pagination.](/cfr/17/230.403.md)
- [§230.404. Preparation of registration statement.](/cfr/17/230.404.md)
- [§230.405. Definitions of terms.](/cfr/17/230.405.md)
- [§230.406. Confidential treatment of information filed with the Commission.](/cfr/17/230.406.md)
- [§230.408. Additional information.](/cfr/17/230.408.md)
- [§230.409. Information unknown or not reasonably available.](/cfr/17/230.409.md)
- [§230.410. Disclaimer of control.](/cfr/17/230.410.md)
- [§230.411. Incorporation by reference.](/cfr/17/230.411.md)
- [§230.412. Modified or superseded documents.](/cfr/17/230.412.md)
- [§230.413. Registration of additional securities and additional classes of securities.](/cfr/17/230.413.md)
- [§230.414. Registration by certain successor issuers.](/cfr/17/230.414.md)
- [§230.415. Delayed or continuous offering and sale of securities.](/cfr/17/230.415.md)
- [§230.416. Securities to be issued as a result of stock splits, stock dividends and anti-dilution provisions and interests to be issued pursuant to certain employee benefit plans.](/cfr/17/230.416.md)
- [§230.417. Date of financial statements.](/cfr/17/230.417.md)
- [§230.418. Supplemental information.](/cfr/17/230.418.md)
- [§230.419. Offerings by blank check companies.](/cfr/17/230.419.md)
- [§230.420. Legibility of prospectus.](/cfr/17/230.420.md)
- [§230.421. Presentation of information in prospectuses.](/cfr/17/230.421.md)
- [§230.423. Date of prospectuses.](/cfr/17/230.423.md)
- [§230.424. Filing of prospectuses, number of copies.](/cfr/17/230.424.md)
- [§230.425. Filing of certain prospectuses and communications under § 230.135 in connection with business combination transactions.](/cfr/17/230.425.md)
- [§230.426. Filing of certain prospectuses under § 230.167 in connection with certain offerings of asset-backed securities.](/cfr/17/230.426.md)
- [§230.427. Contents of prospectus used after nine months.](/cfr/17/230.427.md)
- [§230.428. Documents constituting a section 10(a) prospectus for Form S-8 registration statement; requirements relating to offerings of securities registered on Form S-8.](/cfr/17/230.428.md)
- [§230.429. Prospectus relating to several registration statements.](/cfr/17/230.429.md)
- [§230.430. Prospectus for use prior to effective date.](/cfr/17/230.430.md)
- [§230.430A. Prospectus in a registration statement at the time of effectiveness.](/cfr/17/230.430A.md)
- [§230.430B. Prospectus in a registration statement after effective date.](/cfr/17/230.430B.md)
- [§230.430C. Prospectus in a registration statement pertaining to an offering other than pursuant to Rule 430A or Rule 430B after the effective date.](/cfr/17/230.430C.md)
- [§230.430D. Prospectus in a registration statement after effective date for asset-backed securities offerings.](/cfr/17/230.430D.md)
- [§230.431. Summary prospectuses.](/cfr/17/230.431.md)
- [§230.432. Additional information required to be included in prospectuses relating to tender offers.](/cfr/17/230.432.md)
- [§230.433. Conditions to permissible post-filing free writing prospectuses.](/cfr/17/230.433.md)
- [§230.436. Consents required in special cases.](/cfr/17/230.436.md)
- [§230.437. Application to dispense with consent.](/cfr/17/230.437.md)
- [§230.437a. Written consents.](/cfr/17/230.437a.md)
- [§230.438. Consents of persons about to become directors.](/cfr/17/230.438.md)
- [§230.439. Consent to use of material incorporated by reference.](/cfr/17/230.439.md)
- [§230.445-230.447. Reserved](/cfr/17/230.445-230.447.md)
- [§230.455. Place of filing.](/cfr/17/230.455.md)
- [§230.456. Date of filing; timing of fee payment.](/cfr/17/230.456.md)
- [§230.457. Computation of fee.](/cfr/17/230.457.md)
- [§230.459. Calculation of effective date.](/cfr/17/230.459.md)
- [§230.460. Distribution of preliminary prospectus.](/cfr/17/230.460.md)
- [§230.461. Acceleration of effective date.](/cfr/17/230.461.md)
- [§230.462. Immediate effectiveness of certain registration statements and post-effective amendments.](/cfr/17/230.462.md)
- [§230.463. Report of offering of securities and use of proceeds therefrom.](/cfr/17/230.463.md)
- [§230.464. Effective date of post-effective amendments to registration statements filed on Form S-8 and on certain Forms S-3, S-4, F-2 and F-3.](/cfr/17/230.464.md)
- [§230.466. Effective date of certain registration statements on Form F-6.](/cfr/17/230.466.md)
- [§230.467. Effectiveness of registration statements and post-effective amendments thereto made on Forms F-7, F-8, F-10 and F-80.](/cfr/17/230.467.md)
- [§230.470. Formal requirements for amendments.](/cfr/17/230.470.md)
- [§230.471. Signatures to amendments.](/cfr/17/230.471.md)
- [§230.472. Filing of amendments; number of copies.](/cfr/17/230.472.md)
- [§230.473. Delaying amendments.](/cfr/17/230.473.md)
- [§230.474. Date of filing of amendments.](/cfr/17/230.474.md)
- [§230.475. Amendment filed with consent of Commission.](/cfr/17/230.475.md)
- [§230.475a. Certain pre-effective amendments deemed filed with the consent of the Commission.](/cfr/17/230.475a.md)
- [§230.476. Amendment filed pursuant to order of Commission.](/cfr/17/230.476.md)
- [§230.477. Withdrawal of registration statement or amendment.](/cfr/17/230.477.md)
- [§230.478. Powers to amend or withdraw registration statement.](/cfr/17/230.478.md)
- [§230.479. Procedure with respect to abandoned registration statements and post-effective amendments.](/cfr/17/230.479.md)
- [§230.480. Title of securities.](/cfr/17/230.480.md)
- [§230.481. Information required in prospectuses.](/cfr/17/230.481.md)
- [§230.482. Advertising by an investment company as satisfying requirements of section 10.](/cfr/17/230.482.md)
- [§230.483. Exhibits for certain registration statements.](/cfr/17/230.483.md)
- [§230.484. Undertaking required in certain registration statements.](/cfr/17/230.484.md)
- [§230.485. Effective date of post-effective amendments filed by certain registered investment companies or issuers offering registered non-variable annuities.](/cfr/17/230.485.md)
- [§230.486. Effective date of post-effective amendments and registration statements filed by certain closed-end management investment companies.](/cfr/17/230.486.md)
- [§230.487. Effectiveness of registration statements filed by certain unit investment trusts.](/cfr/17/230.487.md)
- [§230.488. Effective date of registration statements relating to securities to be issued in certain business combination transactions.](/cfr/17/230.488.md)
- [§230.489. Filing of form by foreign banks and insurance companies and certain of their holding companies and finance subsidiaries.](/cfr/17/230.489.md)
- [§230.490. Information to be furnished under paragraph (3) of Schedule B.](/cfr/17/230.490.md)
- [§230.491. Information to be furnished under paragraph (6) of Schedule B.](/cfr/17/230.491.md)
- [§230.492. Omissions from prospectuses.](/cfr/17/230.492.md)
- [§230.493. Additional Schedule B disclosure and filing requirements.](/cfr/17/230.493.md)
- [§230.494. Newspaper prospectuses.](/cfr/17/230.494.md)
- [§230.495. Preparation of registration statement.](/cfr/17/230.495.md)
- [§230.496. Contents of prospectus and statement of additional information used after nine months.](/cfr/17/230.496.md)
- [§230.497. Filing of investment company or registered non-variable annuity prospectuses—number of copies.](/cfr/17/230.497.md)
- [§230.498. Summary Prospectuses for open-end management investment companies.](/cfr/17/230.498.md)
- [§230.498A. Summary prospectuses for separate accounts offering variable annuity and variable life insurance contracts and for offering registered non-variable annuity contracts.](/cfr/17/230.498A.md)
- [§230.500. Use of Regulation D.](/cfr/17/230.500.md)
- [§230.501. Definitions and terms used in Regulation D.](/cfr/17/230.501.md)
- [§230.502. General conditions to be met.](/cfr/17/230.502.md)
- [§230.503. Filing of notice of sales.](/cfr/17/230.503.md)
- [§230.504. Exemption for limited offerings and sales of securities not exceeding $10,000,000.](/cfr/17/230.504.md)
- [§230.505. Reserved](/cfr/17/230.505.md)
- [§230.506. Exemption for limited offers and sales without regard to dollar amount of offering.](/cfr/17/230.506.md)
- [§230.507. Disqualifying provision relating to exemptions under §§ 230.504 and 230.506.](/cfr/17/230.507.md)
- [§230.508. Insignificant deviations from a term, condition or requirement of Regulation D.](/cfr/17/230.508.md)
- [§230.601. Definitions of terms used in §§ 230.601 to 230.610a.](/cfr/17/230.601.md)
- [§230.602. Securities exempted.](/cfr/17/230.602.md)
- [§230.603. Amount of securities exempted.](/cfr/17/230.603.md)
- [§230.604. Filing of notification on Form 1-E.](/cfr/17/230.604.md)
- [§230.605. Filing and use of the offering circular.](/cfr/17/230.605.md)
- [§230.606. Offering not in excess of $100,000.](/cfr/17/230.606.md)
- [§230.607. Sales material to be filed.](/cfr/17/230.607.md)
- [§230.608. Prohibition of certain statements.](/cfr/17/230.608.md)
- [§230.609. Reports of sales hereunder.](/cfr/17/230.609.md)
- [§230.610. Suspension of exemption.](/cfr/17/230.610.md)
- [§230.610a. Schedule A: Contents of offering circular for small business investment companies; Schedule B: Contents of offering circular for business development companies.](/cfr/17/230.610a.md)
- [§230.651-230.656. Reserved](/cfr/17/230.651-230.656.md)
- [§230.701. Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation.](/cfr/17/230.701.md)
- [§230.702(T)-230.703(T). Reserved](/cfr/17/230.702(T)-230.703(T).md)
- [§230.800. Definitions for §§ 230.800, 230.801 and 230.802.](/cfr/17/230.800.md)
- [§230.801. Exemption in connection with a rights offering.](/cfr/17/230.801.md)
- [§230.802. Exemption for offerings in connection with an exchange offer or business combination for the securities of foreign private issuers.](/cfr/17/230.802.md)
- [§230.901. General statement.](/cfr/17/230.901.md)
- [§230.902. Definitions.](/cfr/17/230.902.md)
- [§230.903. Offers or sales of securities by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing; conditions relating to specific securities.](/cfr/17/230.903.md)
- [§230.904. Offshore resales.](/cfr/17/230.904.md)
- [§230.905. Resale limitations.](/cfr/17/230.905.md)
- [§230.1001. Exemption for transactions exempt from qualification under § 25102(n) of the California Corporations Code.](/cfr/17/230.1001.md)