What are the state and federal government considerations that need to be taken into account?
As the historical federal regulator of public offering activities, the SEC allows individual states to regulate securities offerings under $1 million. State regulatory agencies enacted a variety of rules and exemptions to help small businesses raise capital on their own. The program instituted by Washington State was so successful that in 1989, the North American Securities Administrators Association (NASAA) adopted a version that all states could use. This model, the Small Corporate Offering Registration (SCOR) has been adopted by all but two states as of Spring 1998. The last major problem associated with being public for a company was the reporting requirements. In 1992, the SEC ‘s Small Business Initiatives simplified the reporting rules and reduced the costs of compliance with federal securities laws. The following changes took place: Rule 504b(1) — part of SCOR’s Regulation D — was amended. The revised regulation removed restrictions on general solicitation and on the resale of
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- What are the state and federal government considerations that need to be taken into account?
