(1) A licensee shall submit to the Authority a proposed amendment to a prospectus for a statement of no objection by the Authority.
(2) A licensee shall, within 7 days of receiving the statement of no objection under subsection (1) —
(a) issue the amendment to the prospectus and state any implication the amendment will have on a client;
(b) issue a notice of the amendment to a person who purchased or subscribed to an issue or offer for sale; and
(c) submit to the Authority a copy of any notice issued pursuant to paragraph (b).
(3) A person who purchased or subscribed to an issue or offer for sale of a virtual asset prior to an amendment to a prospectus, has the right to withdraw the purchase or subscription within 14 days of the date the notice was issued to that person.
(4) A licensee who fails to comply with a requirement under subsection (2) is liable to a penalty of $5,000.