In connection with the JOBS Act exemption from registration for crowdfunding offerings under Section 4(a)(6) of the Securities Act of 1933, the North American Securities Administrators Association ("NASAA") requested public comments on a proposed model rule and uniform notice filing form.
The proposed rule would require issuers conducting a federal crowdfunding offering in those states where either the issuer has its principal place of business, or where 50% or greater of the aggregate amount of the offering has been purchased by residents, to file a short form with basic information about the issuer and the offering along with the payment of a filing fee.
The proposed form would (i) incorporate documents filed on EDGAR, (ii) incorporate "consent to service of process" language rendering a Form U-2 unnecessary, and (iii) allow for filing across multiple jurisdictions.
Comments are due by June 17, 2016.
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