It calls for up to six-month prison sentences for failing to register news publications with the government, and for the appointment of a new "registration official" who will be in charge of monitoring the media and issuing publishing licenses.
Following its official announcement, Facebook issued registration statements that expressed caution about revenue growth, increased the IPO price range, and increased the total number of shares offered.
The feds said there were no takers, even though Natt drafted a formal offering statement, made expansive claims and went to the trouble of obtaining official Committee on Uniform Security Identification Procedures (CUSIP) registration numbers, which are issued to facilitate sale and trading of North American securities.