DISCLOSURE REQUIREMENT FOR SECURITIES REGISTERED BY QUALIFICATION

Act No. 369 of the 2012 Louisiana Legislative Session, which becomes effective August 1, 2012, establishes an additional disclosure requirement for securities registered pursuant Section 705(B) of the Louisiana Securities Law (Registration by Qualification).  Issuers of such securities must  now disclose as part of the registration statement whether the security is subject to, bound by, or otherwise controlled by a religious law, ethic, custom, or practice.  If so, then the issuer must also identify the law, ethic, custom, or practice and any effect this would have on the issuer's activities.  Click here to view the full text of Act No. 369. 

Please note that this new requirement applies only to securities registered pursuant to Section 705(B).  It does not apply to the following securities offerings:

         Registrations pursuant to Section 705(D) - Registration by Notification

         Registrations pursuant to Section 705(E) - Small Issue Registration 

         Registrations pursuant to Section 705(F) - Nonprofit Issuer Registration 

         Notice filings pursuant to Section 705(G)(1) - Investment Company Securities 

         Notice filings pursuant to Section 705(G)(2) - Regulation D offerings 

         Notice filings pursuant to Section 709(5) - Securities registered with the SEC