(a) Advertising or sales material, other than tombstone ads, must be consistent with and conform to disclosures contained in the prospectus. Advertising and sales materials which depict predominately the positive elements of an offering and exclude such negative elements as are required to be disclosed in the offering prospectus may be found by the Commissioner to be false, misleading, and likely to deceive a reader thereof. Sales materials which refer to specific issuers of securities by name must be accompanied by or preceded by a prospectus. Sales materials that include comparisons to other investment vehicles or indexes which are unwarranted or not fully explained may be considered misleading.
(b) References in advertising or sales materials to an exemption from or reduction in taxation under any laws should be consistent with the information or summaries of information which are contained in the prospectus.
(c) Projections, generalizations, conclusions, and opinions which tend to be misleading or likely to deceive a reader thereof shall not be permitted.
(d) All advertisements of and oral invitations to group sales meetings or "seminars" at which specific issue(s) of securities are to be offered or sold shall clearly indicate that the purpose of the meeting is to offer such securities for sale and shall disclose the name of the sponsor, underwriter, or selling agent.
(e) Any bonus, prize, gift, or similar consideration which is offered to investors as an inducement to buy securities or offered to dealers or agents as an inducement to sell a specific offering or issue of securities (but not as an inducement in connection with general public relations or goodwill-building activities unrelated to the sale of a specific issue) must be fully disclosed to investors and to the Commissioner.

Source Note: The provisions of this §137.6 adopted to be effective August 12, 1980, 5 TexReg 3043; amended to be effective April 7, 2024, 49 TexReg 2068