NASAA Requests Comment on Regulation A Offerings
On October 30, 2013, the Board of Directors of the North American Securities Administrators Association, Inc. (NASAA) released materials for public comment the about a new proposed coordinated review program for offerings exempt from registration federally under Section 3(b)(2) of the Securities Act of 1933.
Section 3(b)(2) of the Securities Act was enacted as part of the Jumpstart Our Business Startups Act (the “JOBS Act”) and has been otherwise referred to as “Regulation A+.” Section 3(b)(2) provides an exemption from federal registration statement requirements for public offerings of securities of up to $50 million.
The Act provides for preemption of state registration requirements only where the securities offered are listed on a national securities exchange or offered or sold to qualified purchasers.
NASAA anticipates that many Section 3(b)(2) offerings will be required to be registered in the states where the offerings will be made. The members of the Small Business/Limited Offerings Project Group have designed a coordinated review program for Section 3(b)(2) offerings to maximize efficiency and coordination among state blue sky laws.
The public comment period will remain open until November 30, 2013.
The request for public comment can be viewed here.
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