Legislation Enacted to Require Notice Filing of Tier 2 Regulation A Securities, and
Allowing "Testing the Waters" For Tier 1 Regulation A Securities


House Bill 521 by Representative Thomas Carmody was signed into law by Governor John Bel Edwards on May 19, 2016, becoming Act 141 of the 2016 Regular Legislative Session.  The Act requires issuers of Tier 2 Regulation A securities to file a notice of sale with the Commissioner using the "Uniform Notice of Regulation A - Tier 2 Offerings" form, prior to the sale of such securities in Louisiana.  Issuers are required to pay a fee equal to one-tenth of one percent of the offering amount (with a minimum fee of $100, and a maximum fee of $1,000), plus a $250 processing fee. 


The Act also allows for the offer, but not the sale, of Tier 1 Regulation A securities prior to such securities being registered with the Commissioner ("testing the waters"), when the issuer intends to register the security in multiple states using a coordinated review of the offering.


Click here to view Act 141.