NASAA’s Electronic Filing Depository Reaches Milestone

Streamlined Online Filing System Tops 10,000 Filings

WASHINGTON, DC, August 5, 2015 –The North American Securities Administrators Association (NASAA) today announced that its new Electronic Filing Depository (EFD) has been used to facilitate more than 10,000 notice filings with state securities regulators since its launch less than eight months ago.

Developed by NASAA, EFD is an online system that allows issuers 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, which is available at:

“We are pleased that issuers are finding EFD to be an efficient and effective way to meet state Form D filing requirements and that EFD is strengthening investor protection by providing increased transparency of Form D filings,” said NASAA President and Washington Securities Director William Beatty.

As of August 4, 2015, the EFD system had accepted 11,492 notice filings since its December 15, 2014 launch, Beatty said. This total includes 9,396 new notice filings, 1,428 renewal notices and 979 amendments, among other filings. These filings have resulted in $2.38 million in filing fees transmitted to state securities regulators.

Rule 506 of Regulation D is a “safe harbor” for the private offering exemption of Section 4(a)(2) of the Securities Act and also provides an exemption for public offerings to verified accredited investors. Issuers relying on the Rule 506 exemption do not have to register their offerings of securities with the SEC or state securities regulators, but they must file what is known as a “Form D” with the SEC and state securities regulators. Form D contains limited information about the securities being offered and the issuer offering those securities.

Although the EFD system currently is limited to Form D filings, Beatty said NASAA is considering expanding the online system to include additional state securities registration and notice filing materials. He also noted that 43 NASAA member jurisdictions currently are participating in the EFD system. “We will continue to work with the remaining jurisdictions to bring then onto EFD to reach our goal of 100 percent participation,” Beatty said.

For More Information:
Bob Webster | Director of Communications

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