No Securities Commission Sample Clauses
The "No Securities Commission" clause clarifies that the agreement or transaction has not been reviewed, approved, or endorsed by any securities regulatory authority or commission. In practice, this means that the parties acknowledge they are entering into the agreement without the benefit of regulatory oversight or validation, and that any representations or warranties made are not subject to government verification. The core function of this clause is to ensure that all parties understand the regulatory status of the transaction, thereby allocating risk and preventing any assumption of official approval or compliance with securities laws.
No Securities Commission stock exchange or comparable authority has issued any order preventing the distribution of the Shares nor instituted proceedings for that purpose, nor is any such proceeding pending, and, to the knowledge of the Company, no such proceedings are pending or contemplated.