WASHINGTON, D.C.  (October 7, 2016) — The following is a statement from Mike Rothman, North American Securities Administrator Association (NASAA) President and Minnesota Commissioner of Commerce regarding a letter sent by a bipartisan group of 15 members of the House Financial Services Committee to Securities and Exchange Commission Chair Mary Jo White commending the SEC for proposing amendments to Rule 147 under the Securities Act of 1933 and to Rule 504 of Regulation D and strongly encouraging their adoption.

“NASAA has strongly supported the SEC’s efforts to modernize Rules 147 and 504, and we are encouraged to see members of Congress, led by Rep. Tom Emmer (R-MN) and Rep. Gwen Moore (D-WI), weigh in to support the SEC’s important proposed actions. These key changes will benefit small and local businesses conducting intrastate crowdfunding and regional securities offerings to raise capital, while maintaining important investor protections.

“The much needed improvements to Rules 147 and 504 could provide a tremendous benefit to small businesses in the 35 U.S. jurisdictions that have regulations to implement intrastate crowdfunding exemptions.

“We are encouraged that many commenters have joined NASAA in their strong support for the proposed rule amendments, which we hope the SEC will finalize this year. As state regulators closest to small, local businesses that rely on Rules 147 and 504, and the investors that participate in those offerings, we look forward to the changes proposed in both rules.”



For More Information:
Bob Webster | Director of Communications

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