Issue of application forms for securities: require abridged prospectus, exceptions for underwriting and private offers, penalty for noncompliance. Any application form for purchase of a company's securities must be accompanied by an abridged prospectus, except for bona fide invitations to enter underwriting agreements and offerings not made to the public. A copy of the prospectus must be furnished on request before the subscription list closes and the offer ends. Failure to comply attracts a statutory penalty for each default.