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.