New Hampshire Adopts Uniform Securities Act
Companies need not renew existing issuer-dealer licenses
On January 1, 2016, a newly-adopted Uniform Securities Act will take effect in New Hampshire. The NH Securities Act is based on the Uniform Securities Act of 2002, which is a model statute designed to increase coordination between state and federal securities schemes and to provide uniformity in state securities schemes around the country. Please click here to view the NH Securities Act.
Significantly, the NH Securities Act broadens certain commonly-used exemptions and eliminates the requirement that certain issuers obtain issuer-dealer licenses, which will make the capital-raising process and compliance in New Hampshire more efficient and straightforward.
Based on guidance received from the New Hampshire Bureau of Securities Regulation in connection with the NH Securities Act, companies currently holding issuer-dealer licenses do not need to send any notice of non-renewal before the end of the year (the licenses will automatically terminate), nor will they need to file annual financial statements with the Bureau for 2015.
If you have any questions about the NH Securities Act, or any other investment or securities issues, please contact Scott Pueschel, at 603.373.2019 or spueschel@pierceatwood.com, Jamie Baker, at 603.373.2006 or jbaker@pierceatwood.com, or any member of Pierce Atwood’s Business Practice Group.