What does the free SEC check look for?
The free check runs 5 of the 25 rules: Howey “essential managerial efforts” language, forward-looking profit expectations, Section 17(b) anti-touting disclosure, restricted “investment” framing and misleading “SEC-approved” claims.
Is a passing check legal advice?
No — it is a heuristic check for information only, not legal advice or a certification. US Section 5 perimeter and Howey-factor questions require qualified US securities counsel.