Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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General Rules and Regulations
promulgated
under the
Securities Act of 1933





Rule 420 -- Legibility of Prospectus


  1. The body of all printed prospectuses and all notes to financial statements and other tabular data included therein shall be in roman type at least as large and as legible as 10-point modern type. However,

    1. to the extent necessary for convenient presentation, financial statements and other tabular data, including tabular data in notes, and
    2. prospectuses deemed to be omitting prospectuses under rule 482 may be in roman type at least as large and as legible as 8-point modern type. All such type shall be leaded at least 2 points.

  2. Where a prospectus is distributed through an electronic medium, issuers may satisfy legibility requirements applicable to printed documents, such as paper size, type size and font, bold-face type, italics and red ink, by presenting all required information in a format readily communicated to investors, and where indicated, in a manner reasonably calculated to draw investor attention to specific information.

Regulatory History


53 FR 3878, Feb. 10, 1988; 61 FR 24652, 24655, May 15, 1996.

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