While not a condition to an exemption pursuant to this provision, the issuer and/or each selling security holder shall file seven copies of a report concerning sales and use of proceeds on Form 2-A (Sec. 239.91 of this chapter), or other prescribed form with the main office of the Commission in Washington, DC. This report shall be filed at the following times:
(a) Every six months after the qualification of the offering statement or any amendment until substantially all the proceeds have been applied; and
(b) within 30 calendar days after the termination, completion or final sale of securities in the offering, or the application of the proceeds from the offering, whichever is the latest event. This report should be labelled the final report. For purposes of this section, the temporary investment of proceeds pending final application shall not constitute application of the proceeds. [57 FR 36468, Aug. 13, 1992, as amended at 61 FR 67202, Dec. 20, 1996]