A preliminary public report may be issued by the Commission upon receipt of a notice of intention, the filing of which is complete except for some particular requirement, or requirements, which is, or are, at the time not fulfilled but which may reasonably be expected to be completed. No preliminary report shall be issued unless the Commission is satisfied that the report adequately discloses all material facts which a prospective purchaser should consider and that adequate protection for purchaser’s funds has been provided.
SOURCE: CC ‘1304.