The North Dakota Accredited Investor Exemption, also known as the NAE, is a form of exemption from the securities' registration requirement enacted by the North Dakota Securities Commissioner. This exemption allows a company to offer and sell securities to accredited investors without having to register the securities with the North Dakota Securities Commissioner. The exemption applies to securities issued by North Dakota businesses or entities as well as those issued by non-North Dakota businesses or entities which are offered or sold in North Dakota. The NAE contains two types of exemptions: the Intrastate Exemption and the Interstate Exemption. The Intrastate Exemption allows a company to offer and sell securities to North Dakota residents who meet the criteria of an accredited investor as defined by the SEC. The Interstate Exemption allows a company to offer and sell securities to accredited investors located outside of North Dakota. The NAE also requires companies to comply with certain disclosure requirements. These include providing disclosure about the company, the securities being offered, the risks associated with the investment, and the use of proceeds. Additionally, companies must provide information about the management of the company and the financial statements of the company. Companies must also provide potential investors with the opportunity to review the company’s offering documents, including the subscription agreement, before investing.
North Dakota Accredited Investor Exemption
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FAQ
Regulation D under the Securities Act provides a number of exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the offering with the SEC.
The company cannot use general solicitation or advertising to market the securities. The company may sell its securities to an unlimited number of "accredited investors" and up to 35 other purchasers.
Rule 504 of Regulation D exempts from registration the offer and sale of up to $10 million of securities in a 12-month period. A company is required to file a notice with the Commission on Form D within 15 days after the first sale of securities in the offering.
Rule 504 of Regulation D provides an exemption from the registration requirements of the federal securities laws for some companies when they offer and sell up to $10,000,000 of their securities in any 12-month period.
Regulation D under the Securities Act provides a number of exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the offering with the SEC.
It prohibits fraudulent or deceitful sales of securities and requires organizations that are issuing securities?such as bonds and stocks?to disclose helpful information about the investment when they register the security.
Rule 505 allows companies to decide what information to give to accredited investors, so long as it does not violate the antifraud prohibitions of the federal securities laws. But companies must give non-accredited investors disclosure documents that generally are equivalent to those used in registered offerings.
A Regulation D offering is intended to make access to the capital markets possible for small companies that could not otherwise bear the costs of a normal SEC registration. Reg D may also refer to an investment strategy, mostly associated with hedge funds, based upon the same regulation.