A.__A stop order is not in effect and a proceeding is not pending under section 16306;

B.__The administrator has not issued an order under section 16306 delaying effectiveness; or

C.__The applicant or registrant has not requested that effectiveness be delayed.

4.__Delay of effectiveness of registration statement.__The administrator may delay effectiveness once for not more than 90 days if the administrator determines the registration statement is not complete in all material respects and promptly notifies the applicant or registrant of that determination. The administrator may also delay effectiveness for a further period of not more than 30 days if the administrator determines that the delay is necessary or appropriate.

5.__Prospectus or offering document distribution may be required.__An order issued under this chapter may require as a condition of registration under this section that a prospectus or offering document containing a specified part of the information or record specified in subsection 2 be sent or given to each person to whom an offer is made, before or concurrently, with the earliest of:

A.__The first offer made in a record to the person otherwise than by means of a public advertisement by or for the account of the issuer or another person on whose behalf the offering is being made or by an underwriter or broker-dealer that is offering part of an unsold allotment or subscription taken by the person as a participant in the distribution;

B.__The confirmation of a sale made by or for the account of the person;

C.__Payment pursuant to such a sale; or

D.__Delivery of the security pursuant to such a sale.

6.__Simplified statement.__For purposes of simplifying the registration statement for smaller offerings and promoting uniformity with other states, the administrator may adopt, by