NASSA Streamlines Filing Process

On December 15th, the North American Securities Administrators Association (“NASAA”), a nonprofit group whose membership is comprised of state and provincial securities regulators devoted to investor protection, launched the Electronic Filing Depository (“EFD”) to streamline the filing process for exempt securities offerings.

According to the NASAA website, “EFD is an online system that allows an issuer to submit a Form D for a Regulation D, Rule 506 offering to state securities regulators and pay related fees. The EFD website also enables the public to search and view, free of charge, Form D filings made with state securities regulators through EFD.”

Although EFD is currently limited to Form D filings for Regulation D, Rule 506 offerings, NASAA plans to enhance the system to include additional securities registration and filing materials.

William Beatty, NASSA president, and Washington securities director stated in the NASAA press release, “We are very pleased to provide the EFD system to create an efficient, streamlined system for state Form D filing requirements. Issuers will benefit from this uniform and effective regulatory tool, which also strengthens investor protection by improving the transparency of Form D filings.”

What does this mean for advisers? Prior to the implementation of this system, private investment funds relying on the exemption under Regulation D had to send a cover letter and a check for filing fees, along with a copy of the Form D filed with the Securities and Exchange Commission in order to make required state notice filings (also referred to as “blue sky” filings). Having an electronic system will assist advisory firms in ensuring that the requirements are met in a timely manner.

EFD is available at:

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