Interpretive and Other Orders


    Important Notice Regarding Interpretive and Other Orders 

    Issued Prior to January 1, 2016 

    Effective January 1, 2016, the New Hampshire Securities Act was revised. As a result, some Interpretive Orders have been superseded or modified by the Securities Act as revised. Below are listings of 1) Interpretive Orders and a Memorandum that are no longer in effect and 2) citations within Interpretive Orders and a Statement of Policy that have changed as a result of the revision to the Securities Act that became effective January 1, 2016.

    The following Interpretive Orders and Memorandum issued under the pre-revision New Hampshire Securities Act are no longer in effect*: 
         a.  Memorandum of April 11, 1995 re Sliding Structure for Takeover Fees 
         b.  Order of August 2, 2004 Defining “Institutional Buyer” 
         c.  Order of October 25, 2004 re Viatical Investments (INT04-003) 
         d.  Order of November 3, 2005 re Transfer of Securities Issued in Compensatory
            Circumstances (INT05-001)

    Interpretive Orders and the Statement of Policy that were issued prior to the amendment of the Securities Act and that remain in effect contain statutory citations that reflect the Securities Act prior to amendment. The table below displays the citations prior to the revision of the Securities Act and corresponding citations after the revision of the Securities Act. 

    Citations under the Prior New Hampshire Uniform Securities Act in effect through December 31, 2015
    Citations under the revised New Hampshire Uniform Securities Act effective January 1, 2016
    RSA 421-B:2  RSA 421-B:1-102 
    RSA 421-B:2, III  RSA 421-B:1-102(6) 
    RSA 421-B:2, IX  RSA 421-B:1-102(26) 
    RSA 421-B:2, XX(a)  RSA 421-B:1-102(53) 
    RSA 421-B:3, I  RSA 421-B:5-501(a) 
    RSA 421-B:3-a  RSA 421-B:5-501(b)(1) 
    RSA 421-B:6, I  RSA 421-B:4-401 and 4-402 
    RSA 421-B:14  RSA 421-B:3-304 
    RSA 421-B:15, IX-a  RSA 421-B:6-614(d) 
    RSA 421-B:17  RSA 421-B:2-201 and 2-202 
    RSA 421-B:17, II  RSA 421-B:2-202 
    RSA 421-B:17, II(d)  RSA 421-B:2-202(11) 
    RSA 421-B:21  RSA 421-B:6-601 
    RSA 421-B:21, I(a)  RSA 421-B:6-601(b) 
    RSA 421-B:21, II  RSA 421-B:6-601(d) 
    RSA 421-B:24, I  RSA 421-B:5-508(a) 
    RSA 421-B:28  RSA 421-B:6-605 
    RSA 421-B:28, IV  RSA 421-B:6-605(b) 
    RSA 421-B:31, IV  RSA 421-B:6-614(c) 
    RSA 421-B:31-a and 421-B:32  RSA 421-B:6-608 
    Ate-Se 307.01(c)(3) and 308.01(a)  RSA 421-B:4-406(a) 
    Atg-Se 307.01(c)(7) and (8)  RSA 421-B:4-406(f)(B)(ii) 

    *Be sure to check the revised Securities Act as issues addressed by Interpretive and Other Orders prior to the revision of the Securities Act may be addressed in provisions of the revised Securities Act.