State securities regulators will work to preserve state authority, particularly over small offerings, in the face of a push by the federal Securities and Exchange Commission, William Beatty, the new president of the state officials' group, said. Other priorities he outlined for the North American Securities Administrators' Association include brokerage-fee disclosure, and protection of elderly investors. Securities and Exchange Commission Regulation A provides a conditional exemption from registration under the Securities Act of 1933 for certain offerings of $5 million or less. The SEC has proposed raising the amount of the exemption to $50 million, and potentially stripping the states of the role in overseeing smaller offerings. The state regulators, acting through NASAA, the North American Securities Administrators Association, their umbrella group, has vigorously opposed the proposal, commonly called "Reg A+". Beatty, who is the Washington state securities director, said last
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