NASAA Sends Comments to SEC Regarding Coordinated Review Program

The North American Securities Administrators Association ("NASAA") filed a comment letter to update the SEC on the implementation and progress of NASAA's Coordinated Review Program for Regulation A Offerings.

According to the comment letter, the Coordinated Review Program, which "streamlines state registration of offerings" under the Securities Act, has been successfully implemented. NASAA stated that, in every instance, the program "effectively streamlines the state review process and promotes efficiency by providing centralized filing, unified comments, and a definitive timeline for review."

According to NASAA, the success of the program has shown that the SEC's preemption proposal is "not only unlawful" but "also unnecessary and harmful to the marketplace."

NASAA urged the SEC to examine the Coordinated Review Program and take note of the developments that have occurred since the SEC voted to propose its rule implementing changes to the rules governing Regulation A offerings.

See: NASAA Letter; NASAA Press Release. Related news: NASAA Renews Call on SEC to Revise Reg. A Rule Proposal (April 9, 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).