RESIDENTS OF NEW HAMPSHIRE
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NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY: NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE UNDER THIS CHAPTER HAS BEEN FILED WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
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An untutored foreigner, glancing at a few prospectuses, might be forgiven there is something wrong with the average resident of New Hampshire, for it seems they are in need of being shouted at, whenever they come into contemplation in the course of a securities offering.
It isn’t, obviously, that New Hampshire residents are dense — or any denser than the rest of us, at any rate — for what they are being shouted at about seems complicated, convoluted and in honesty not the sort of thing that calls for such easy exasperation. It seems you would need to be quite some scholar in the local securities regulations for it to make much sense to you at all. Perhaps adeptness at securities offering laws is just the sort of thing that characterises a New Hampshireman, and an offeror feels justified at easy anger towards those who don’t easily understand the minutiae.
Or it might be the misconception that important stuff just needs to be said conspicuously, and that means in capitals.