Wanted: NASAA Representative at the SEC

May 1, 2015

SEC Commissioner Aguilar recently reiterated a request that he introduced in 2009 by calling for a NASAA representative to be embedded at the SEC. His call for more involvement by state securities regulators in the SEC follows approval of Regulation A+, which becomes effective on June 19. Regulation A+ enables smaller companies to offer and sell up to $50 million of securities in a 12-month period without going through a full-blown SEC registration process and preempts state review of “Tier 2” offerings under the rule. According to Commissioner Aquilar, “having a state regulator representative as part of the review team will create synergies that will go well beyond Regulation A+.” Aguilar also hopes to have a state regulator embedded in the SEC’s Division of Enforcement. Read Commissioner Aguilar’s speech.

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