Filing of sales and advertising literature.

1. Filing requirement. Except as otherwise provided in subsection 2 , a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter . 2. Excluded communications. This section does not apply to sales and advertising literature specified in subsection 1 which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 502.201 , 502.202 , or 502.203 except as required pursuant to section 502.201, subsection 7 . 2A. Authority to prohibit false advertising. The administrator may by rule or order prohibit the publication, circulation, or use of any advertising deemed false or misleading. [C77, 79, 81, §502.504 ] 99 Acts, ch 166, §7 ; 2004 Acts, ch 1161, §42, 68 Referred to in §502.201 , 502.202 , 502.203 , 502.204 , 536A.22