PURPOSE: This rule requires, as a prerequisite to securities registration, that rescission be offered to all investors having a cause of action against the applicant or issuer.

An offer of refund (rescission) to each person having a cause of action against the applicant or the issuer, within the meaning of section 409.411 of the Act, shall be a prerequisite to the registration of securities. A suggested form of offer of refund (rescission) is located at 15 CSR 30-52.260. AUTHORITY: sections 409.306, 409.411 and 409.413(a) RSMo 2000.* Original rule filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Rescinded and readopted: Filed Aug. 30, 2002, effective Feb. 28, 2003.

*Original authority: 409.306, RSMo 1967, amended 1977; and 409.411, RSMo 1967, amended 1978, 1980, 1995; and 409.413, RSMo 1967.