Amendment to Financial Stability Act 2010 - Extension of State Notice Requirements as to Bad Actors

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Congress shouldn't let states define "disqualification" standards for availability of the federal exemption under Rule 506 of Reg D. What needs to happen is that the disqualification standards need to be uniform (i.e. set by the SEC) and then they need to be put on the Form D, the same one now that gets filed with the SEC and gets copied and filed with each relevant state. Startups need the disqualification stuff to supplement the existing SEC filing, and NOT become its own monster, or 50 different state monsters. This amendment shows how to draft the "state review of filings for bad actors" approach, correctly.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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