Corp. Code, § 25300 · Part 4. ADVERTISING SECURITIES
Corp. Code, § 25300
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) No person shall publish any advertisement in this state concerning any security sold or offered for sale in this state unless a true copy of the advertisement has first been filed in the office of the commissioner at least three business days prior to the publication or a shorter period as the commissioner may by rule or order allow.
(b) Subdivision (a) of this section does not apply to:
(1) Any advertisement for any security published by a licensed broker-dealer if the broker-dealer is not effecting transactions in that security as an underwriter or other participant in a distribution for the issuer;
(2) Any advertisement for any security published by an issuer or any underwriter or other participant in a distribution for the issuer if the security or transaction is exempted by the provisions of Chapter 1 (commencing with Section 25100) of Part 2 of this division;
(3) Any advertisement for any security in a nonissuer transaction if the security is exempted by Section 25100 or an offer of the security is exempted by subdivision (g) of Section 25104;
(4) Any advertisement permitted or required by Section 5(b)(2) or Section 2(a)(10)(b) of the Securities Act of 1933 with respect to a security which has been registered under the Securities Act of 1933 and qualified for sale in this state;
(5) Any advertisement with respect to (A) a security that is subject to Sections 25100.1 and 25101.1 and the advertisement is permitted or required under the Securities Act of 1933, (B) a transaction that is subject to Section 25102.1 and the advertisement is permitted or required under the Securities Act of 1933, or (C) an investment adviser that is subject to Section 25230.1 and the advertisement is permitted or required under the Investment Adviser Act of 1940; or
(6) Any other advertisement exempted by rule of the commissioner.
Notes and commentary — not statutory text
History
Amended by Stats. 2019, Ch. 143, Sec. 49. (SB 251) Effective January 1, 2020.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=25300.
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- sha256 cbbd0cb081f1fb26cc35120ce51522433f04decff784168151fbc41f14f35f32
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Corporations Code
- Corp. Code, tit. 4, div. 1, pt. 2, ch. 1Exemptions and Certain Securities and Transactions Not Subject to QualificationPrinted as Chapter 1 (commencing with Section 25100) of Part 2 of this division
- Corp. Code, § 25100Printed as Section 25100
- Corp. Code, § 25100.1Printed as Sections 25100.1 and 25101.1
- Corp. Code, § 25101.1Printed as Sections 25100.1 and 25101.1
- Corp. Code, § 25102.1Printed as Section 25102.1
- Corp. Code, § 25104Printed as Section 25104
- Corp. Code, § 25230.1Printed as Section 25230.1
Cited by 1 provision
Provisions in this library whose text cites Corp. Code, § 25300. Each shows the citation as that text prints it.
Corporations Code
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