NASAA Announces Review Program Regarding Regulation A Offerings

The North American Securities Administrators Association ("NASAA") announced a coordinated multistate review program intended to ease regulatory compliance costs on small businesses attempting to raise capital under Regulation A ("Conditional Small Issues Exemption").

The new program allows Regulation A offerings to be filed in one place and distributed electronically to all states. Each filer will interact with a lead examiner to address any deficiencies, and states will have ten business days to conduct a review. If there are no deficiencies in the relevant application, no comments will be necessary and the lead examiners should clear the registration within 21 business days after it is filed.

See: NASAA Press Release.