NASAA President Pushes for State Regulation of “Reg A Plus” and for Private Lawsuits Over Small Offerings

State Securities Regulators and others are battling over how the US Securities and Exchange Commission should create a $50 million offering cap for exempt offerings under regulation A. The Jumpstart Our Business Startups Act had ordered the SEC to establish the new exemption but gave no deadline. Referred to by SEC staff as “Reg A Plus,” the agency’s Division of Corporation Finance rulemaking team has been working on the measure.

In a letter, the North American Securities Administrators Association urged the regulator to refuse to succumb to some commenters’ requests that state securities regulators not be included when it comes to the new exempt offerings. NASAA believes that state regulator oversight is key to making sure that these offerings are part of a successful public marketplace.

NASAA主席A. Health Abshure撰写的信是为了回应呼吁委员会根据1933年《证券法》定义什么是“合格的购买者”bob200体育来自州蓝天的注册。Abshure认为，对新豁免的州监督有限将使骗子更容易使用这种豁免。他还说，自由交易证券可以增加财务欺诈和滥用的机会，这就是为bob200体育什么州监管如此重要的原因。

同时，NASAA也在推动更改联邦法律，以便允许涉及小额销售的私人诉讼。这也源于《就业法》下的新投资机会。

Under the JOBS Act, the SEC has been ordered to lift its general solicitation bar involving certain private placements and set up a new regulatory regime for crowdfunded securities. Abshure says NASAA is worried that there aren’t enough civil remedies for investors that are harmed because the arbitration agreements prevents securities lawsuits.

State securities regulators are likely to press for more restrictions to class actions and Abshure wants the SEC to use its power under the Dodd-Frank Act to limit or prohibit mandatory predispute arbitration agreements. He also is calling for a uniform fiduciary standard for investment advisers and broker dealers. Abshure said that imposing a uniform high standard of behavior for advisers and broker-dealers would only build investor confidence in the financial services industry and its products.

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The JOBS Act（PDF）

North American Securities Administrators Association

More Blog Posts:
SEC Working to Create $50M Reg A Offering Cap to Commissioners ASAP, Institutional Investor Securities Blog, December 8, 2012

If SEC JOBS Act Rule 506 Proposal is Made Final, Legal Challenges Are Likely, Institutional Investor Securities Blog, October 27, 2012

Investment Opportunities to Get More Advertising Exposure Because of JOBS Act Mandate Lifting Ban on General Solicitation, Stockbroker Fraud Blog, January 29, 2013