Corporate & Securities Law

By Jim Hamilton

Illinois Updates Electronic Form D Policy for Rule 504, 505 and 506 Offerings

Beginning March 16, 2009 issuers intending to make an offering under Rule 504 in Illnois may use Section 4.G of the Illinois Securites Law to file SEC Form D or Illinois Form 4.G, along with $100 made payable to the Secretary of State.

Rule 505 issuers may use Section 4.D to file a paper copy of the Form D electronically filed with the SEC, along with $200 made payable to the Secretary of State.

Rule 506 issuers may use Section 2a of the Illinois Securities Law and Rule 130.293 to file a paper copy of the Form D electronically filed with the SEC, along with $100 made payable to the Secretary of State.

Rule 504 issuers must submit their notice no later than 12 months after the date of first sale to an Illinois resident. Rule 505 issuers must submit their notice no later than 15 days after the receipt of consideration or delivery of a subscription agreement. Rule 506 issuers must file their notice no later than 15 days after the first sale of securities to an Illinois resident.

NOTE: Form D must be filed with the SEC as well as the Illinois Department of Securities to qualify for the Rule 505 or 506 exemptions.

For more information please seehttp://www.cyberdriveillinois.com/departments/securities/home.html

Full post as published by Jim Hamilton's World of Securities Regulation on June 23, 2009 (boomark / email).