The Authority may refuse approval of a Prospectus in the following cases: 1. The Prospectus does not comply with the Law or these Bylaws. 2. The Prospectus is submitted without proof of payment of the fees required. 3. The Issuer fails to provide the financial statements required by Law or any regulation or bylaw issued thereunder. 4. The prospectus includes an incorrect or incomplete statement, which may affect the subscriber’s decision.