Media Advisory: NASAA Leadership Letter to SEC Objecting to State Preemption of Reg A+ Offerings

Media Advisory
For Immediate Release
February 20, 2014

The leadership of the North American Securities Administrators Association (NASAA) has reached out directly to the leadership of the Securities and Exchange Commission (SEC) in response to the Commission’s unprecedented move to preempt state authority over small corporate offerings through its proposed rule regarding Regulation A+. The February 19, 2014 letter, signed by 18 past and present Officers, Directors, and Organizational Chairs of NASAA, said, in part:

“We cannot do our job – protect investors or help small businesses access capital and grow their companies – where the Commission attempts to prohibit our review as contemplated in the Regulation A+ Proposal. As the Commission is aware, NASAA already has developed a new coordinated, streamlined multi-state review program that will ease regulatory burdens for filers without sacrificing investor protection. . . . The states also question the legal sufficiency of the proposal.. . . There is no doubt in our minds that the Commission and the states, standing together, will be much more effective in protecting our citizens and making Regulation A+ a success for small business filers than we could ever hope to be standing apart.”

NASAA leaders signing the letter included state securities regulators from Alabama, Arkansas, California, Illinois, Maine, Maryland, Massachusetts, Minnesota, Montana, Nebraska, North Carolina, Ohio, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

The full text of the letter is available on the NASAA website here.

For More Information:
Bob Webster | Director of Communications
202-737-0900

 

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