In order to sell securities in Pennsylvania, the security must either be registered by the department or qualify for an exemption from registration. If a security is required to be registered or the security does not qualify for a self-executing exemption, then prior to the security being offered for sale in Pennsylvania, the department’s Corporation Finance Office and Chief Accountant’s Office will conduct a review of the offering. The review is conducted to ensure the offering’s compliance with state law and any applicable guidelines that have been issued by the North American Securities Administrators Association.
Information about securities offerings can be found at Entrepreneur Education and Registered Securities.
The address to submit proposed securities offerings is:
17 North 2nd Street
Please mark any mail regarding
securities offerings "Attention Corporation Finance."
If you have questions, call
Modernization and Updates to Securities Regulations
On January 18, 2018, Secretary of Banking and Securities Robin L. Wiessmann announced the modernization and update of rules governing the securities industry in Pennsylvania. These rule changes took effect following their publication in the Pennsylvania Bulletin on January 13, 2018. Read press release here.
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.
The Federal Financial Institutions Examination Council (FFIEC) members have issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The IT Handbook is available here.
Department Offers Electronic, Paperless Securities Filing Option
In December 2014, the department participated in the launch of the online Electronic Filing Depository (EFD) to enhance the efficiency of the regulatory filing process for certain securities offerings. EFD is available at: www.efdnasaa.org.
Developed by the North American Securities Administrators Association (NASAA), EFD is an online system that allows users to electronically submit a Form D to state securities regulators and pay related fees. The EFD website also enables investors to search, free of charge, all Form D filings made with state securities regulators through EFD. Use of the EFD by businesses offering securities for sale in Pennsylvania is not required.