Registration of Securities Issued Under Regulation
House Bill 1234 by
Representative Erich Ponti was signed into law by Governor Bobby
Jindal on May 22, 2014, becoming Act 224 of the 2014 Legislative
This legislation becomes effective on
August 1, 2014, and creates a new Section 705(H) of the Louisiana
Securities Law, requiring the registration of securities issued
under Securities and Exchange Commission Regulation A.
Previously, such securities were exempt from
registration with the Office of Financial Institutions and required
only the filing of a notice of sale and a filing fee.
Under the new Section 705(H), issuers are
required to file with the Commissioner a Form 1-A, related offering
circular or offering sheet, and other exhibits.
The fee for registration will remain the same
as previously required for a notice filing – registration fee of
1/10 of one percent of the offering amount ($100 minimum, and $1,000
maximum), plus a $250 processing fee.
Once the law becomes effective, the
registration of such securities must be approved by the Commissioner
before they can be offered in Louisiana