Corporate & Securities Law

By Jim Hamilton

Kentucky Revises Rule 506 Policy to Include Electronic Filing

The filing requirements to make a Rule 506 offering in Kentucky were revised. Issuers must submit within 15 calendar days from the date of first sale in Kentucky, a Form D, Form U-2, Uniform Consent to Service of Process, statement from an authorized official that a federal filing was made or will be made contemporaneously, and a $250 check made payable to the Kentucky State Treasurer. HOWEVER, for issuers making an electronic filing with the SEC, the Form U-2 and "statement from an authorized official" requirements are automatically met.

Issuers are also requested to submit to the Kentucky Department of Financial Institutions a copy of all offering materials distributed to offerees. A minimum $250 fee (in addition to the initial notice fee) will be applied to late filings. Form D amendments must be filed including final amendments reporting closed offerings and total sales on the appendix pages.

For more information please see http://www.kfi.ky.gov/securities/registrations.htm

Full post as published by Jim Hamilton's World of Securities Regulation on July 27, 2009 (boomark / email).