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NASAA Proposes Four Exemptions for State Registrations

By Kevin Adler
July 27, 2011

The North American Securities Administrators Association (“NASAA”) has proposed four exemptions to state registration and disclosure requirements, representing a welcome effort to standardize exemptions at the state level. The proposed exemptions were circulated for public review on July 1, and the comment period ended on Aug. 1. The proposal can be found at www.nasaa.org/issues___answers/regulatory_activity/14627.cfm.

Fifteen states have some form of registration requirement beyond the federal disclosure requirements overseen by the Federal Trade Commission (“FTC”). After the proposed state exemption rules are finalized, each state would decide whether or not to adopt the rules, or to modify the exemptions developed by NASAA.

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