Wednesday, February 19, 2014 7:22:19 PM
Can my company legally offer and sell securities without registering with the SEC?
Your company's securities offering may qualify for one of several exemptions from the registration requirements of the Securities Act. We explain the most common ones below. You must remember, however, that all securities transactions, even exempt transactions, are subject to the antifraud provisions of the federal securities laws. This means that you and your company will be responsible for false or misleading statements that you or others on your behalf make regarding your company, the securities offered, or the offering. You and your company are responsible for any such statements, whether made by your company or on behalf of the company, and regardless of whether they are made orally or in writing.
The government enforces the federal securities laws through criminal, civil and administrative proceedings. Private parties also can bring actions under certain securities laws. Also, if all conditions of the exemptions are not met, purchasers may be able to return their securities and obtain a refund of their purchase price.
In addition, offerings that are exempt from provisions of the federal securities laws may still be subject to the notice and registration requirements of various state laws. You should make sure to check with the appropriate state securities regulators before proceeding with your company’s offering. For more information on these requirements, see “Do state law requirements apply in addition to federal requirements?” You can find contact information for state securities regulators on the website of the North American Securities Administrators Association.
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