Yesterday, the board of directors of the North American Securities Administrators Association, Inc. (NASAA) released materials for public comment relating to a new coordinated review by state securities regulators of Regulation A+ (Section 3(b)(2)) offerings.
As we have written in prior posts, Title IV of the JOBS Act provides an exemption under Section 3(b)(2) for offerings by non-reporting companies raising up to $50 million in proceeds relying on a framework similar to that contained in current Regulation A. The SEC has not yet released proposed rules to implement this mandate. Certain of these offerings may be subject to state securities registration requirements. A coordinated review process would streamline and facilitate any such offerings. The materials may be accessed here: http://www.nasaa.org/27427/notice-request-public-comment-proposed-coordinated-review-program-section-3b2-offerings/.