Section 40. Requirements for registrations filed pursuant to §§ 13.1-508 and 13.1-510 of the Code of Virginia

A. Except as provided in subdivision 9 of 21VAC5-30-80, the balance sheet required by §§ 13.1-508 and 13.1-510 of the Act must be examined and reported upon with an opinion expressed by an independent accountant and shall include the information described in 21VAC5-30-10 in the definition of "certified financial statements." (See subsections B and C of this section.)

B. In lieu of the financial information required by §§ 13.1-508 and 13.1-510 of the Act, the registration statement may contain certified financial statements for the issuer's and/or any predecessor's three most recent fiscal or calendar years preceding the date of filing the registration statement. If the issuer's or any predecessor's existence is less than three years, then the registration statement may contain certified financial statements for the issuer's or any predecessor's most recent fiscal year preceding the date of filing the registration statement.

C. If the certified financial statements described in subsection B of this section are as of a date in excess of four months prior to the filing of the registration statement, then an unaudited balance sheet (as of a date within four months prior to the filing of the registration statement together with a profit and loss statement and analysis of surplus for the period between the close of the latest fiscal year and the date of the balance sheet) must be filed in addition to the certified financial statements.

Historical Notes

Derived from Rule 402, Case No. SEC810005, eff. July 1, 1981; amended by Case No. 810010, eff. August 15, 1981; Volume 15, Issue 22, eff. July 1, 1999; Volume 19, Issue 23, eff. July 1, 2003.

Statutory Authority

§§ 12.1-13 and 13.1-523.1 of the Code of Virginia.