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Deadline For Public Comment

Deadline: Apr 09, 2014

The deadline for public comment has expired. Contact the agency or primary contact person listed below for assistance.

Rule Details

Rule Number: 14P006
Title: Vermont Small Business Offering Exemption (VSBOE).
Type: Standard
Status: Adopted
Agency: Department of Financial Regulation
Legal Authority: 9 V.S.A. §§ 5605, 5202(13)(C), 5203, 5301-5305, 5402(a), and 5504.
Summary: The Proposed rule establishes a securities registration exemption known as Vermont Small Business Offering Exemption (VSBOE) for intrastate offerings. VSBOE lessens the regulatory burden for small businesses in Vermont offering securities on an intrastate basis, which otherwise may be required to register their securities offering with the Department of Financial Regulation under 9 V.S.A. §§ 5301 - 5305 and 9 V.S.A. § 5504. It will replace and revoke a similar provision in Exhibit 8.11 of Department of Financial Regulation Order 06-43-S. The proposed rule increases the aggregate offering amount and aggregate number of investors in the offering, while at the same time offering protection to less sophisticated (i.e., non-accredited) investors by placing a cap on the amount they can invest in such an offering. The proposed rule also provides an exemption from registration requirements which otherwise may apply to individuals (e.g., employees of the issuer) who represent the issuer in the offering, so long as the requirements of VSBOE are met.
Persons Affected: Vermont small-scale businesses seeking to access capital from Vermonters; Vermont resident individuals and businesses who may be interested in investing in small-scale businesses in Vermont; and the Department of Financial Regulation.
Economic Impact: The proposed rule would impact the economy by giving small businesses in Vermont greater access to capital in order to finance their business operations in Vermont. It may lead to enhanced business growth and job creation. It may also create local investment opportunities for Vermonters.
Posting date: Feb 19,2014

Hearing Information

Information for Hearing # 1
Hearing date:
04-02-2014 10:00 AM   
Location: Department of Financial Regulation
Address: 89 Main Street, 3rd Floor
City: Montpelier
State: VT
Zip: 05620
Hearing Notes:

Contact Information

Information for Contact # 1
Level: Primary    
Name: Daniel Raddock    
Agency: Department of Financial Regulation    
Address: 89 Main Street, City Center    
City: Montpelier    
State: VT    
Zip: 05620-3101    
Telephone: 802-828-2921    
Fax:    
Email: 
dan.raddock@state.vt.us
     
 
   
Website Address:  http://www.dfr.vermont.gov/proposed-rules-and-regulations
     
 
   
Information for Contact # 2
Level: Secondary    
Name: Christopher Smith    
Agency: Department of Financial Regulation    
Address: 89 Main Street, City Center    
City: Montpelier    
State: VT    
Zip: 05620-3101    
Telephone: 802-828-4849    
Fax:    
Email: 
christopher.smith@state.vt.us
     
 
   
       

Keyword Information

Keywords:

securities offering
securities exemption
Vermont small business offering exemption
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