The North American Securities Administrators Association announced Monday that it has launched an online Electronic Filing Depository (EFD) to enhance filings of Reg D offerings under Rule 506.
NASAA says that its online EFD system allows an issuer to submit a Form D for a Regulation D Rule 506 offering to state securities regulators and to pay related fees. The EFD website also enables the public to search and view, free of charge, Form D filings made with state securities regulators through EFD.
“We are very pleased to provide the EFD system to create an efficient, streamlined system for state Form D filing requirements,” said William Beatty, NASAA president and Washington Securities Director, in a statement. “Issuers will benefit from this uniform and effective regulatory tool, which also strengthens investor protection by improving the transparency of Form D filings.”
The EFD system initially will be limited to Form D filings for Regulation D Rule 506 offerings, but Beatty said that NASAA expects the filing system will be expanded to include additional state securities registration and notice filing materials.