State Blue Sky Requirements for Regulation D Rule 506:
With the exception of Florida all states require a state filing for Regulation D offerings within 15 days of receipt of funds for a security sale to an investor in their state. State filing fees vary from $50 to $1950 but most states average around $300. The NASAA also charges a one-time $160 fee for using the EFD system.
Many states also charge a late fee if you go past the 15 day requirement and may require you to send additional information regarding the investors in their state. Bottomline it is best to file on time and stay in compliance.
Some states also require an annual amendment if you are still raising funds in their state after one year and most of them charge a renewal fee as well.
You can view the current State Dee Matrix using the link below:
The NASAA Electronic Filing Depository (EFD) system pulls the Form D information from EDGAR, therefore, before any state filings can occur you must already have a filed Form D on EDGAR
Regulation D Rule 504
If you are using Rule 504, you will need to research each state for their specific requirements and may be required to register your offering in some states. We do not offer a filing service for Rule 504 an strongly recommend using an attorney to assist with your filing requirements.