S.C. Code Ann. § 35-1-170 – Application, registration or exemption not to constitute approval by securities commissioner; unlawful representations | Midpage
§ 35-1-170
S.C. Code Ann. § 35-1-170
Application, registration or exemption not to constitute approval by securities commissioner; unlawful representations
(1) Neither (a) the fact that an application for registration under Article 5 of this chapter or a registration statement under Article 7 of this chapter or a notice filing under Article 8 of this chapter has been filed nor (b) the fact that a person or security is effectively registered or a notice of filing has been made constitutes a finding by the securities commissioner that any document filed under this chapter is true, complete, and not misleading. Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the securities commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction.
(2) It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (1) of this section.