Securities Act Changes

  •  The Revised New Hampshire Uniform Securities Act 

    On July 27, 2015, Gov. Maggie Hassan signed into law a new version of the New Hampshire Uniform Securities Act, which goes into effect on January 1, 2016. The new Act is based on the Uniform Securities Act of 2002, the most recent uniform securities act drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL).   

    The new Act contains several key changes from the current securities act. These include: 

    • Elimination of licensing requirements for issuer-dealers and issuer-dealer agents 

    • Elimination of renewal fees for Regulation D, Rule 506 offerings 

    • Elimination of filing of final sales reports for Regulation D, Rule 506 offerings 

    • Elimination of filing requirements for the transactional exemption in connection with a merger/reorganization 

    • An expanded limited offering exemption allowing issuers to sell securities to up to 25 purchasers in any twelve-month period (subject to limitations on general solicitation, payment of commissions, and purchase for investment purposes) 

    • Bad actor disclosure requirements for issuers of securities 

    The Bureau considers these changes to be advantageous to firms seeking to raise capital in New Hampshire while also continuing to provide strong protections for New Hampshire investors.