Public communications standards must mirror the offer document and avoid misleading claims during the public issue process.

Public communications related to a public issue must conform to the offer document, be truthful and non misleading, reproduce prospectus information in full, include three years' financial data where presented, highlight risk factors legibly, avoid slogans, guarantees, endorsements or extraneous information, and obtain lead manager approval. Communications during key filing and allotment periods must disclose filing status or consistency with past practices, require prompt public notice of material developments, prohibit incentives, and bar selective disclosure to investors or analysts.

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