Section 710IAC4-4-4. Petition for ruling as to materiality

   (a) An applicant may file a petition for a ruling as to materiality of any information. The petition shall:

(1) be sworn;

(2) set forth the information on which a ruling is requested; and

(3) state the basis for the applicant's belief that the information is not material.

  (b) A ruling by the commissioner on the materiality of information shall be:

(1) based solely on the representations in the petition; and

(2) valid only to the extent that the representations are true and complete.

  (c) If the commissioner rules that the information is material, the information shall be included in the prospectus. If the commissioner rules that the information is not material, the prospectus shall not be deemed in violation of section 1 or 2 of this rule by virtue of the omission of the information.

  (d) The commissioner may decline to rule on any petition filed under this section. (Securities Division; 710 IAC 4-4-4; filed Jun 28, 2010, 2:36 p.m.: 20100728-IR-710100044FRA; readopted filed May 12, 2016, 1:47 p.m.: 20160608-IR-710160136RFA)