Public Deposits - Provisions of prospectus to apply to advertisement ‑ Scope and extent of application of the section explained

Application of prospectus provisions to deposit advertisements clarifies applicable prospectus rules and identified exceptions.

Section 58B makes the Act's prospectus provisions, so far as may be, applicable to advertisements inviting or accepting deposits. Such advertisements fall within the definition of 'prospectus' and are generally governed by prospectus rules; however, where section 58A or the Acceptance of Deposits Rules provide specific treatment (for example, a prescribed form supplanting Schedule II disclosures), those specific provisions prevail. Prospectus liabilities for misstatements and penalties for fraudulent inducement apply mutatis mutandis to deposit advertisements unless displaced by deposit-specific rules.