To make the filing process easier for exempt offerings, and enhance market transparency, U.S. state securities regulators announced the launch of an electronic filing system for certain offerings.
The North American Securities Administrators Association (NASAA) said Monday it is launching the Electronic Filing Depository (EFD), which is an online system that allows issuers to submit exempt offerings to state securities regulators and pay the required fees. The system also allows the public to search and view these filings for free at: https://www.efdnasaa.org.
NASAA says that the new system is designed to improve the efficiency of the regulatory filing process for certain exempt securities offerings.
“We are very pleased to provide the EFD system to create an efficient, streamlined system for state filing requirements. Issuers will benefit from this uniform and effective regulatory tool, which also strengthens investor protection by improving the transparency of [these] filings,” said William Beatty, NASAA’s president and Washington securities director.
Beatty said the EFD system initially will be limited to certain exempt filings, but that NASAA expects the filing system will be expanded to include additional state securities registration and notice filing materials.
“By embracing technology, states are providing innovative capital formation solutions to benefit issuers and investors alike,” Beatty said.