Section 830-X-6-.13 - Notice Filing Requirements For Federal Crowdfunding Offerings (Alabama Administrative Code)

§ 830-X-6-.13. Notice Filing Requirements For Federal Crowdfunding Offerings

The following provisions apply to offerings made under federal Regulation Crowdfunding and Section 18(b)(4) of the Securities Act of 1933:

(1) Filing Requirements.

(a) An issuer whose principal place of business is in this state, or if residents of this state have purchased fifty percent or greater of the aggregate amount of the offering, shall file the following with the Commission:

1. A completed Uniform Notice of Federal Crowdfunding Offering form or copies of all documents filed with the Securities and Exchange Commission;

2. A consent to service of process on Form U-2 if not filing on the Uniform Notice of Federal Crowdfunding Offering form; and

3. The filing fee prescribed by 8-6-8(d).

(b) If the issuer has its principal place of business in this state, the filing required under subsection (a) of this section shall be filed with the Securities Commission when the issuer makes its initial Form C filing concerning the offering with the Securities and Exchange Commission. If the issuer does not have its principal place of business in this state but residents of this state have purchased fifty percent or greater of the aggregate amount of the offering, the filing required under subsection (a) of this section shall be filed when the issuer becomes aware that such purchases have met this threshold and in no event later than fifteen days from the date of completion of the offering.

(2) Amendments. An issuer may increase the amount of securities offered in this state by submitting a completed Uniform Notice of Federal Crowdfunding Offering form marked "amendment" or other document describing the transaction and a fee calculated pursuant to 8-6-8(d) to cover the increase in the amount of securities being offered prior to selling additional securities in this state.

(New Rule: Filed January 13, 2017; effective February 27, 2017.)

Author: Amanda Senn, General Counsel

Statutory Authority: Code of Ala. 1975, § 8-6-23.

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