Registration of Securities Issued Under Regulation A

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 Session.  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