Question: The main difference between Section 1 1 liability and Section 1 2 liability is that: a . Section 1 1 relates to registration statements and

The main difference between Section 11 liability and Section 12 liability is that:
a. Section 11 relates to registration statements and Section 12 relates to oral statements or written prospectuses.
b. Section 11 deals with misstatements or omissions of material facts and Section 12 relates to any error in a registration statement.
c. Section 11 imposes criminal sanctions and Section 12 imposes civil sanctions.

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