Coordinated review programs for state registration of securities or franchise offerings streamline the process for an issuer seeking to undertake a multi-state registration of its securities or franchise offering. In addition to establishing uniform review standards, coordinated review is designed to expedite the registration process, saving the issuer time and money. Coordinated review is voluntary, and there is no additional cost for choosing to register an offering through coordinated review.
The states, under the auspices of the NASAA, have created coordinated review protocols for equity, small company, franchise offerings, and direct participation program securities.
NASAA’s multi-state coordinated review protocol for Regulation A offeringsis designed to facilitate the filing of Regulation A offerings in multiple U.S. jurisdictions in a timely and efficient manner in order to reduce regulatory hurdles and compliance costs for filers without sacrificing investor safeguards..
CR-Equity provides a uniform procedure designed to coordinate the blue-sky registration process among states in which the issuer seeks to sell its equity securities.
CR-SCOR provides for coordinated review of an offering of securities in two or more states located within a geographic group when the offering is intended to be made in reliance upon an exemption from registration with the US Securities and Exchange Commission (SEC) under Rule 504 of SEC Regulation D or SEC Regulation A. The jurisdictions participating in CR-SCOR are divided geographically into regions.
- CR-SCOR-New England
CR-DPP provides a uniform procedure designed to coordinate the blue-sky registration process among states in which the issuer seeks to sell its securities. Currently, there are 34 jurisdictions1 that are participating in CR-DPP. Candidates for CR-DPP are generally those issuers who are seeking registration of an initial public offering of limited partnership interests, limited liability partnership interests, securities of oil and gas programs and Real Estate Investment Trusts.