NASAA Renews Call on SEC to Revise Reg. A Rule Proposal

The North American Securities Administrators Association ("NASAA") renewed its call on the SEC to revise substantially its proposed Regulation A ("Reg. A") rulemaking to remove language preempting state authority over certain small business offerings.

During the NASAA Public Policy Conference on April 8, 2014, NASAA President Andrea Seidt announced that nearly all U.S. NASAA members had officially signed a Memorandum of Understanding demonstrating their agreement to participate in NASAA's new Coordinated Review Program for Reg. A Offerings. According to the NASAA press release, the new program will help to streamline state registration of Reg. A offerings and includes strict review and comment timeframes for participating states.

President Seidt stated that the provisions in the SEC's Reg. A proposal which would preempt state review comprise "one of the most significant challenges NASAA members have ever faced – the potential of preemption of state regulatory authority, not by elected members of Congress, but by a federal agency."

See: NASAA Press Release. See also: President Seidt's Remarks at the NASAA 2014 Public Policy Conference. Related news: NASAA Holds Public Policy Conference, SEC Commissioners Stein and Aguilar Speak (with Lofchie Comment) (April 8, 2014); NASAA Urges SEC to Revise Reg. A Proposal (March 25, 2014);NASAA Approves Streamlined Multistate Coordinated Review Program in Response to Reg. A (March 11, 2014);NASAA Submits Letter to SEC Objecting to State Preemption of Reg A+ Offerings (with Lofchie Comment) (February 20, 2014); SEC Proposes Amendments to Reg. A to Increase Access to Capital for Smaller Companies (December 18, 2013).