Rule 159

Definition:

A rule under the Securities Act relating to Securities Offering Reform. The key implication of Rule 159 is that Section 12(a)(2) and 17(a)(2) liability are determined by reference to the total package of information conveyed to the purchaser in a securities offering at or before the time of sale, which effectively means that prospective investors must receive all material information about an issuer before the Applicable Time.

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