DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 521 Original 2016 Regular Session Carmody
Abstract: Makes changes to Louisiana Securities Law with respect to Tier 1 and Tier 2 Regulation
A securities.
Federal law (Title IV of the JOBS Act) provides 2 tier offerings of Regulation A securities: Tier 1
and Tier 2. Federal law further preempts state registrations of Tier 2 Regulation A securities.
Proposed law creates in present law a distinction between Tier 1 and Tier 2 Regulation A securities.
Present law in the state of La. provides for the registration of all Regulation A securities. Proposed
law changes present law to provide for the registration of Tier 1 Regulation A securities. Further
reinstitutes a notice filing requirement of Tier 2 Regulation A securities.
Proposed law provides provisions necessary for an issuer of securities to determine the level of
interest in the state of La. for the issuance of Tier 1 Regulation A securities.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends 51:705(H)(1)(intro. para.), 709(5)(a)(intro. para.) and (ii) and (b) and (10))