Notice Filings:
Regulation D – Rule 506 Offerings
Full requirements for Notice Filing of Regulation D – Rule 506 offerings can be found in 9 V.S.A. § 5302(c) and V.S.R. § 4-3(b).
- All filings must be completed electronically through the Electronic Filing Depository (“EFD”).
- Initial filing: $600
- Annual renewal for duration of offering: $600
- Fees payable electronically through EFD
Investment company offerings
Full requirements regarding investment company offerings can be found in 9 V.S.A. 5302(a) and (f) and V.S.R. § 4-3(c).
- Initial filing: $2,000 per share class
- Annual renewal for duration of offering: $1,650 per share class
- Form NF
Regulation A – Tier 2
- Full Requirements for Notice Filing of Regulation A – Tier 2 offerings Can be found in V.S.R. § 4-3(d).
- Form Uniform Notice Filing of Regulation A-Tier 2 Offering
- Initial filing: $600
- Annual renewal for duration of offering: $600
- Testing the Waters-Issuers may be able to gauge interest in a potential regulation A offering prior to registration. Full Requirements can be found in V.S.R. § 6-4.
Federal Regulation Crowdfunding Offerings
- Notice filing to the Vermont Securities Division is mandatory for issuers with a principal place of business in Vermont and for out-of-state issuers who sell 50% or more of their aggregate offering in Vermont. Filing requirements are available at V.S.R. Sec. 4-3(e).
- Federal regulations governing the offering and the contents of the offering materials are found in the Code of Federal Regulations at 17 C.F.R. Part 227.