§ 25162 Post-Qualification Amendment Approval

• •Amendments after qualification need the commissioner’s approval.
• •The commissioner decides the effective date, not the filing date.
• •The decision must consider the public good and protecting investors.

A tech startup files an application to sell shares. After the sale is qualified, they realize they need to update the number of shares offered. They submit an amendment, the commissioner approves it, and decides the amendment becomes effective on a date that protects investors.

The amendment is only effective on the date the commissioner picks, not automatically when filed, because the law requires the commissioner to consider public interest and investor safety.