Filing and Amending Form D
Form D is used to file a notice of an exempt offering of securities with the Securities and Exchange Commission (“SEC”) for offerings made under Rule 504, 505 or 506 of Regulation D. Federal securities laws require that a Form D be filed with the SEC within 15 days after the first sale of securities in the offering. In addition to filing the Form D with the SEC, issuers must comply with state law filing requirements. Most states require issuers to file a Form D or comparable form with their state securities commission.
Form D and Form D amendments must be filed with the SEC online using EDGAR (electronic gathering, analysis and retrieval) system. In order to do so, the issuer must obtain its own filer identification number (called a “Central Index Key” or “CIK” number) and access codes.
Mandatory Amendment l Form D
A filer must file an amendment to a previously filed Form D:
♦ to correct a material mistake of fact or error in the previously Form D;
♦ to reflect a change in the information provided in the previously filed Form D, except as provided below; and
♦ annually, on or before the first anniversary of the most recent previously filed notice, if the offering is continuing at that time.
Form D l Amendment Not Required
A filer is not required to file an amendment to a previously filed notice to reflect a change that occurs after the offering terminates or a change that occurs solely in the following information contained in a previous Form D notice or amendment for the following matters:
♦ the address or relationship to the issuer of a related person identified;
♦ an issuer’s revenues or aggregate net asset value;
♦ the minimum investment amount, if the change is an increase, or if the change, together with all other changes in that amount since the previously filed notice, does not result in a decrease of more than 10%;
♦any address or state(s) of solicitation for a person receiving sales compensation;
♦ the total offering amount, if the change is a decrease, or if the change, together with all other changes in that amount since the previously filed notice, does not result in an increase of more than 10%;
♦ the amount of securities sold in the offering or the amount remaining to be sold;
♦ the number of non-accredited investors who have invested in the offering, as long as the change does not increase the number to more than 35;
♦ the total number of investors who have invested in the offering; and
♦ the amount of sales commissions, finders’ fees or use of proceeds for payments to executive officers, directors or promoters, if the change is a decrease, or if the change, together with all other changes in that amount since the previously filed notice, does not result in an increase of more than 10%.
Many states also require the filing of Form D notices and amendments, and most of them charge a filing fee. For information on state Form D filing requirements, visit www.NASAA.org to get links to the proper state web sites. State web sites contain bulletins providing details on filing requirements and a contact person for specific questions.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
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Boca Raton, Florida 33432
Telephone: (561) 416-8956
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