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securities Resources


 

Certain issuers may utilize coordinated review procedures to help expedite the review process.  For more information regarding coordinated review protocols for equity, small company, franchise offerings, and direct participation program securities offerings, please visit the Coordinated Review page of the North American Securities Administrators Association (NASAA).

For issuers submitting registration filings with the Department of Banking and Securities, please review the index of NASAA Statements of Policy.

For a full listing of Department of Banking and Securities releases and staff positions, please download the Compendium [PDF] and look for the corresponding bookmark within the Compendium.  The following is a list of commonly used releases and staff positions:
 

12-OCA-2: Commission Guidelines Regarding the Use of Parent Company Financial Statements that is the Sole Guarantor of its Wholly-Owned Finance Subsidiary’s Securities under Sections 205 or 206 of the ’72 Act (Comp., pg. 115-118)

12-OCA-1: Commission Guidelines Regarding the use of Non-GAAP Financial Measures (Comp., pg. 112-115)

10-CF-1: Staff Position Regarding References to the SEC’s Accredited Investor Definition Pursuant to the Dodd-Frank Act (Comp., pg. 48-49)

07-CF-2: Staff Position on SCOR Offerings (Small Company Offering Registrations) Filed with the Department under the Pennsylvania Securities Act of 1972 (Comp., pg. 61-65)

07-CF-1:  Staff Position Regarding Reinvesting in Notes and whether the Reinvestment is a Security as Defined by Section 102(t) of the Pennsylvania Securities Act of 1972 (Comp., pg. 14-15)

03-CF-1: SEC Rule 506 Notice Filing and Investment Company Notice Filings (Comp., pg. 96-98) *Section 602(b.1) was amended to increase the notice filing fee for Rule 506 Filings to $525.

00-CF-2: Use of Solicitation of Interest Materials Prior to Registration of Securities under Section 205 or 206 of the ’72 Act (Comp., pg. 37-47)

91-CF-4: Informal Staff Guidelines on Maximum-Minimum Offering Ratios in Public Direct Participation Programs (Comp., pg. 92-93)

89-CF-8: Counting of Purchasers under Department Regulations 203.184 and 203.187 and Section 203(f) of the ’72 Act (Comp., pg. 32-33)

89-CF-3: Staff Guidelines on Investor Suitability and Investment Limitation for Real Estate Investment Trusts (“REITs”) (Comp., pg. 60-61) *Investor Suitability income and net worth standards have been updated to comply with the current standards listed in the NASAA Statement of Policy Regarding Real Estate Investment Trusts [PDF].