A New York Amendment to Prospectus is a legal document that must be filed with the New York State Attorney General’s Office when an issuer of securities wishes to amend the original prospectus. This amendment must include all material changes to the original prospectus and must be filed prior to the sale of the securities in the state of New York. Generally, the amendment must include any changes to the offering price, terms of the offering, or any other material changes to the original prospectus. There are two types of New York Amendment to Prospectus which include the Form U-1 and the Form U-2. Both forms must be filed with the New York State Attorney General's Office in order to be accepted. The Form U-1 requires the issuer to provide a copy of the amended prospectus to the attorney general and the Form U-2 requires the issuer to provide a copy of the original prospectus and the amendment to the attorney general.
New York Amendment to Prospectus
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The Martin Act has been interpreted to prohibit all deceitful practices, as well as false promises, related to the offer, sale, or purchase of securities and commodities within or from New York.
Most felony offenses have a five year statute of limitations period. Misdemeanor offenses have a two year statute of limitation period, while petty offenses generally have a one year statute of limitations.
FINRA is responsible for regulating the securities industry and conducting arbitration matters. You can request CRD information from this agency. FINRA was formed in 2007 when the National Association of Securities Dealers (NASD) Regulation, Inc., merged with New York Stock Exchange (NYSE) Arbitration in 2007.
Law 352 gives prosecutors the ability to investigate and attack financial frauds. Not only can prosecutors pursue criminal actions as either misdemeanors or felonies, but monies can be clawed back from targets and defendants accused of these crimes through the civil arena as well.
Those elements are: ?(1) misrepresentation of a material fact; (2) the falsity of that misrepresentation; (3) scienter, or intent to defraud; (4) reasonable reliance on that representation; and (5) damages caused by such reliance.? Id. However, fraud under the Martin Act does not require all of these elements.
FINRA broker-dealers must register by filing Form BD through the Central Registration Depository (CRD) online portal. All correspondence to FINRA should be sent to: P.O. Box 9401, Gaithersburg MD 20898-9401. All pertinent information is received through the CRD by the New York State Department of Law.
The Martin Act prohibits fraud or misrepresentation in the public offer, sale and purchase of securities and commodities (see N.Y. Gen. Bus. Law §§ 352, 352-c).