---
kind: "section"
citation: "15 U.S.C. § 77j"
title: "15"
title_heading: "Commerce and Trade"
number: "77j"
heading: "Information required in prospectus"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77j"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter I — Domestic Securities"
---

# §77j. Information required in prospectus

- (a) **Information in registration statement; documents not required—** Except to the extent otherwise permitted or required pursuant to this subsection or subsections [(c)](#c), [(d)](#d), or [(e)](#e)—
  - (1) a [prospectus](/usc/15/77b.md?p=a-10) relating to a [security](/usc/15/77b.md?p=a-1) other than a [security](/usc/15/77b.md?p=a-1) issued by a foreign government or political subdivision thereof, shall contain the information contained in the [registration statement](/usc/15/77b.md?p=a-8), but it need not include the documents referred to in paragraphs (28) to (32), inclusive, of schedule A of [section 77aa of this title](/usc/15/77aa.md);
  - (2) a [prospectus](/usc/15/77b.md?p=a-10) relating to a [security](/usc/15/77b.md?p=a-1) issued by a foreign government or political subdivision thereof shall contain the information contained in the [registration statement](/usc/15/77b.md?p=a-8), but it need not include the documents referred to in paragraphs (13) and (14) of schedule B of [section 77aa of this title](/usc/15/77aa.md);
  - (3) notwithstanding the provisions of paragraphs (1) and (2) of this subsection when a [prospectus](/usc/15/77b.md?p=a-10) is used more than nine months after the effective date of the [registration statement](/usc/15/77b.md?p=a-8), the information contained therein shall be as of a date not more than sixteen months prior to such use, so far as such information is known to the user of such [prospectus](/usc/15/77b.md?p=a-10) or can be furnished by such user without unreasonable effort or expense;
  - (4) there may be omitted from any [prospectus](/usc/15/77b.md?p=a-10) any of the information required under this subsection which the [Commission](/usc/15/77b.md?p=a-5) may by rules or regulations designate as not being necessary or appropriate in the public interest or for the protection of investors.
- (b) **Summarizations and omissions allowed by rules and regulations—** In addition to the [prospectus](/usc/15/77b.md?p=a-10) permitted or required in [subsection (a)](#a), the [Commission](/usc/15/77b.md?p=a-5) shall by rules or regulations deemed necessary or appropriate in the public interest or for the protection of investors permit the use of a [prospectus](/usc/15/77b.md?p=a-10) for the purposes of subsection (b)(1) of [section 77e of this title](/usc/15/77e.md) which omits in part or summarizes information in the [prospectus](/usc/15/77b.md?p=a-10) specified in [subsection (a)](#a). A [prospectus](/usc/15/77b.md?p=a-10) permitted under this subsection shall, except to the extent the [Commission](/usc/15/77b.md?p=a-5) by rules or regulations deemed necessary or appropriate in the public interest or for the protection of investors otherwise provides, be filed as part of the [registration statement](/usc/15/77b.md?p=a-8) but shall not be deemed a part of such [registration statement](/usc/15/77b.md?p=a-8) for the purposes of [section 77k of this title](/usc/15/77k.md). The [Commission](/usc/15/77b.md?p=a-5) may at any time issue an order preventing or suspending the use of a [prospectus](/usc/15/77b.md?p=a-10) permitted under this subsection, if it has reason to believe that such [prospectus](/usc/15/77b.md?p=a-10) has not been filed (if required to be filed as part of the [registration statement](/usc/15/77b.md?p=a-8)) or includes any untrue statement of a material fact or omits to [state](/usc/15/15g.md?p=2) any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which such [prospectus](/usc/15/77b.md?p=a-10) is or is to be used, not misleading. Upon issuance of an order under this subsection, the [Commission](/usc/15/77b.md?p=a-5) shall give notice of the issuance of such order and opportunity for hearing by personal service or the sending of confirmed telegraphic notice. The [Commission](/usc/15/77b.md?p=a-5) shall vacate or modify the order at any time for good cause or if such [prospectus](/usc/15/77b.md?p=a-10) has been filed or amended in accordance with such order.
- (c) **Additional information required by rules and regulations—** Any [prospectus](/usc/15/77b.md?p=a-10) shall contain such other information as the [Commission](/usc/15/77b.md?p=a-5) may by rules or regulations require as being necessary or appropriate in the public interest or for the protection of investors.
- (d) **Classification of prospectuses—** In the exercise of its powers under subsections [(a)](#a), [(b)](#b), or [(c)](#c), the [Commission](/usc/15/77b.md?p=a-5) shall have authority to classify [prospectuses](/usc/15/77b.md?p=a-10) according to the nature and circumstances of their use or the nature of the [security](/usc/15/77b.md?p=a-1), issue, [issuer](/usc/15/77b.md?p=a-4), or otherwise, and, by rules and regulations and subject to such terms and conditions as it shall specify therein, to prescribe as to each class the form and contents which it may find appropriate and consistent with the public interest and the protection of investors.
- (e) **Information in conspicuous part of prospectus—** The statements or information required to be included in a [prospectus](/usc/15/77b.md?p=a-10) by or under authority of subsections [(a)](#a), [(b)](#b), [(c)](#c), or [(d)](#d), when [written](/usc/15/77b.md?p=a-9), shall be placed in a conspicuous part of the [prospectus](/usc/15/77b.md?p=a-10) and, except as otherwise permitted by rules or regulations, in type as large as that used generally in the body of the [prospectus](/usc/15/77b.md?p=a-10).
- (f) **Prospectus consisting of radio or television broadcast—** In any case where a [prospectus](/usc/15/77b.md?p=a-10) consists of a radio or television broadcast, copies thereof shall be filed with the [Commission](/usc/15/77b.md?p=a-5) under such rules and regulations as it shall prescribe. The [Commission](/usc/15/77b.md?p=a-5) may by rules and regulations require the filing with it of forms and [prospectuses](/usc/15/77b.md?p=a-10) used in connection with the [offer](/usc/15/77b.md?p=a-3) or sale of [securities](/usc/15/77b.md?p=a-1) registered under this subchapter.

## Source credit

(May 27, 1933, ch. 38, title I, § 10, 48 Stat. 81; June 6, 1934, ch. 404, title II, § 205, 48 Stat. 906; Aug. 10, 1954, ch. 667, title I, § 8, 68 Stat. 685.)

## Notes

### Editorial Notes

### Amendments

1954—Act Aug. 10, 1954, complemented changes in section 77e of this title by act Aug. 10, 1954, permitted offering activities in the waiting period and in so doing rearranged the sequence of the subsections, added new text contained in subsec. (b), and renumbered subsecs. (c) and (d) as (e) and (f), respectively.

1934—Subsec. (b)(1). Act June 6, 1934, amended par. (1).

### Statutory Notes and Related Subsidiaries

### Effective Date of 1954 Amendment

Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77b of this title.

### Executive Documents

### Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.