RÉSUMÉ DIGEST
ACT 74 (HB 233) 2018 Regular Session Coussan
Existing law (R.S. 51:702(6.2)) defines the term "federal covered security". Provides the
term means "any security that is a covered security under Section 18(b) of the Securities Act
of 1933" or promulgated rule. New law retains existing law.
New law (R.S. 51:705(G)(3)(a)) requires the issuer of any federal covered security under
Section 18(b)(4)(C) Securities Act of 1933, and for purposes of renewal, to make a notice
filing with the commissioner of the Office of Financial Institutions (hereinafter,
"commissioner"), including a copy of all documents filed with the Securities and Exchange
Commission (hereinafter, "SEC"), as provided in Section 4A(b) of the Securities Act of 1933
when either of the following apply:
(1)The issuer's principal place of business, as defined in the rules and regulations of the
SEC, is in this state.
(2)Purchases of 50% or more of securities sold by the issuer, as provided in Section
18(b)(4)(C) of the Securities Act of 1933, are to residents in the state of La.
New law (R.S. 51:705(G)(3)(b)) requires the issuer to file with the commissioner the
documents described in new law (R.S. 51:705(G)(3)(a)) at either of the following applicable
times:
(1)When the issuer files the documents with the SEC, if the issuer is filing with the
commissioner that its principal place of business is in this state.
(2)Within 15 days of the date the issuer becomes aware that it has sold 50% or more of
its securities to La. residents. If filing under this 15-day requirement, under no
circumstances should the filing be more than 15 days from the date of completion of
the offering.
New law (R.S. 51:705(G)(3)(c)) provides the documents filed in accordance with new law
(R.S. 51:705(G)(3)(b)) are effective for 12 months from the date of the filing. Requires the
issuer to pay a nonrefundable filing fee of $150.00 to the commissioner when an initial or
subsequent notice is filed.
Effective January 1, 2019.
(Adds R.S. 51:705(G)(3))