Virginia Securities Division Issues Order to Take Notice SEC-2016-00051 – Adopting a Revision to the Rules Governing the Virginia Securities Act
The proposed amendment to Chapter 45 by adding Section 30 (21 VAC 5-45-30) provides for a notice filing for securities issuers that are using federal Regulation A for offerings up to $50 million in a 12-month period. This amendment will allow Virginia to monitor these offerings. The proposed notice filing exemption follows a uniform exemption developed by the North American Securities Administrators Association, Inc. (NASAA) , to use for these notice filings. NASAA developed the model rule in large part due to a rule recently implemented in the state of Washington.
Interested parties may request a copy of the proposed revisions from the Division by telephone, regular mail or e-mail request, and a copy of the proposed revisions also can be found on the Division’s website, here.
Any comments to the proposed rules must be received by December 1, 2016.