Firm News

Revised New Hampshire Securities Act Eliminates Renewal Fees and Final Sales Reports

Posted on Jun 29, 2016 1:15pm PDT

Effective as of January 1, 2016, the New Hampshire Uniform Securities Act has been revised, based on the Uniform Securities Act of 2002, the most recent uniform securities act drafted by the National Conference of Commissioners on Uniform State Laws.

The new Act contains several key changes from the existing securities act. These include: (1) elimination of licensing requirements for issuer-dealers and issuer-dealer agents; (2) elimination of renewal fees (previously $500 for an offering lasting longer than one year) for Regulation D, Rule 506 offerings; (3) elimination of filing of final sales reports for Regulation D, Rule 506 offerings (previously required within 60 days of termination of the offering); (4) elimination of filing requirements for the transactional exemption in connection with a merger/reorganization; (5) an expanded limited offering exemption allowing issuers to sell securities to up to 25 purchasers in any twelve-month period (subject to limitations on general solicitation, payment of commissions, and purchase for investment purposes); and (6) bad actor disclosure requirements for issuers of securities.

The New Hampshire Bureau of Securities Regulation believes these changes will be advantageous to firms seeking to raise capital in New Hampshire while also continuing to provide strong protections for New Hampshire investors.
Categories: Securities Regulation
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