Abridged prospectus requirement ensures application forms accompany securities offers, with exceptions for underwriting and non-public offers.

No application form for purchase of a company's securities may be issued unless accompanied by an abridged prospectus, except where issued for a bona fide underwriting invitation or in relation to securities not offered to the public; a copy of the prospectus must be furnished on request prior to closing of the subscription list and the offer, and failure to comply attracts a monetary penalty for each default.

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