{"data":{"id":"us-ky/krs-292.380","jurisdiction":"us-ky","citation":"KRS 292.380","heading":"General provisions regarding registration of securities.","body":"(1) Except as otherwise expressly provided in this chapter, a registration statement\nunder this chapter becomes effective when the commissioner so orders. The\ncommissioner may require as a condition of registration under this chapter that a\nprospectus containing any designated part of the appropriate information specified\nin this chapter be sent or given to each person to whom an offer is made before or\nconcurrently with:\n(a) The first written offer made to him (otherwise than by means of a public\nadvertisement) by or for the account of the issuer or any other person on\nwhose behalf the offering is being made, or by any underwriter or broker -\ndealer who is offering part of an unsold allotment or subscription taken by\nhim as a participant in the distribution;\n(b) The confirmation of any sale made by or for the account of any such person;\n(c) Payment pursuant to any such sale; or\n(d) Delivery of the security pursuant to any such sale, whichever first occurs; but\nthe commissioner shall accept for use under any such r equirement a current\nprospectus or offering circular regarding the same securities filed under the\nSecurities Act of 1933, 15 U.S.C. secs. 77a et seq., or regulations thereunder.\n(2) A registration statement may be filed by the issuer, any other person on whose\nbehalf the offering is to be made, or a registered broker -dealer. Any document filed\nunder this chapter or a predecessor law within five (5) years preceding the filing of a\nregistration statement may be incorporated by reference in the registration statement\nto the extent that the document is currently accurate. The commissioner may by rule\nor otherwise permit the omission of any item of information or document from any\nregistration statement.\n(3) The commissioner may require as a condition of registr ation by qualification or\ncoordination that (a) the proceeds from the sale of the registered security be\nimpounded until the issuer receives a specified amount or (b) any security issued\nwithin the past three (3) years, or to be issued, to a promoter for a  consideration\nsubstantially different from the public offering price, or to any person for a\nconsideration other than cash, be delivered in escrow. The commissioner may by\nrule or order determine the conditions of any escrow or impounding required\nhereunder. The commissioner shall not reject a depository solely because of location\nin another state. All securities delivered in escrow to the commissioner or some\nother depository satisfactory to him which have not previously been released shall\nbe released fr om escrow no later than ten (10) years after the date of delivery into\nescrow.\n(4) The commissioner may also require as a condition of registration by qualification\nthat the issuer undertake to keep the securities registered under this chapter for a\nperiod of up to five (5) years or until the securities become exempt securities under\nKRS 292.400 or become covered securities, and that the issuer forward to its\nsecurity holders audited annual financial statements during the period for which the\nshares are reg istered. The commissioner may by rule or order impose other\nundertakings.\n(5) For the registration of securities by notification, coordination, or qualification, there\nshall be paid to the commissioner an examination fee of one hundred twenty -five\ndollars ($125) and a registration fee of three -fiftieths of one percent (0.06%) of the\naggregate offering price of the securities which are to be offered in this state, but the\nregistration fee shall in no case be less than sixty dollars ($60) nor more than one\nthousand two hundred dollars ($1,200). The examination fee and the registration fee\nshall be payable in separate checks. When a registration statement is withdrawn\nbefore the effective date or a pre-effective stop order is entered under KRS 292.390,\nthe commissioner shall retain the examination fee. For a registration by notification\nfor market-making purposes only the examination fee need be paid.\n(6) When securities are registered by notification or by coordination or by qualification,\nthey may be offered a nd sold by the issuer, any other person on whose behalf they\nare registered or by any registered broker -dealer. Every registration statement is\neffective for one (1) year from its effective date except during the time a stop order\nis in effect under KRS 29 2.390. A registration statement shall require annual\nrenewal, with payment of the same fees prescribed by subsection (5) of this section,\nfor any year or partial year exceeding the original one (1) year period of\neffectiveness. All outstanding securities o f the same class as a registered security\nare considered to be registered for the purpose of any nonissuer transaction so long\nas the registration statement is effective.","path":["KRS Chapter 292"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15552","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:23Z","sha256":"6cb4bd48562ded390b045cc36e517edde50d534bbe1fbfcd819fe9a1c37f1178","source_id":"us-ky","stale":false,"prev":"us-ky/krs-292.370","next":"us-ky/krs-292.390"},"notice":"GroundRules: Original legal text. Not legal advice."}