Electronic Blue Sky Notice Filings

December 19, 2014

The North American Securities Administrators Association, Inc.1 has recently developed an electronic filing depository, or EFD, that allows private funds relying on Rule 506 (“Private Funds”) to file blue sky notices electronically in most states.2

The EFD is an internet accessible database that allows Private Funds to electronically submit blue sky notice filings and pay related fees to state securities regulators. The EFD also provides a website (www.efdnasaa.org) allowing the public to search and view blue sky notices filed with state securities regulators.

The EFD will allow for a more efficient blue sky filing process by reducing the time and costs associated with preparing and transmitting paper filings. The EFD will charge issuers a one-time fee of $150 that will be applied to the first blue sky notice filed through the EFD.

In January 2015, we will begin using the EFD to file blue sky notices and pay related filing fees on behalf of our clients, where possible.

If you have any questions concerning the foregoing, please contact your primary attorney in Seward & Kissel’s Investment Management Group.


1 The North American Securities Administrators Association (NASAA) is a voluntary association of securities administrators in the 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

2 As of the date of this memorandum, the following U.S. States and territories have implemented electronic filing through EFD: Alabama, Alaska, Arkansas, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, U.S. Virgin Islands, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.