If I Can Make It There, I’ll Make It Anywhere – Why Are New York Securities Filings So Cumbersome?
In 1996, the U.S. Congress substantially simplified state-level securities compliance by passing the National Securities Markets Improvement Act, widely known as NSMIA. NSMIA preempted many regulatory schemes of individual states and provided a standardized national securities exemption for offerings under Rule 506 of Regulation D. A Rule 506/Reg D transaction permits the raising of unlimited […]