Filing Guidelines for Further Limited Offering Exemption
Commission Rule 830-X-6-.12
This transactional exemption is an expansion of, and an alternative to, the statutory exemption found in Ala. Code § 8-6-11(a)(9). This further limited offering exemption provides for the sale of the securities, which are part of an issue, not made to more than 25 persons (other than those designated in Ala. Code § 8-6-11(a)(8)) in this State during any period of 12 consecutive months.
Required documents to be filed:
- Check for $300.00 made payable to the Alabama Securities Commission (nonrefundable)
- Notice of Transaction Form or Form D
- Consent to Service of Process, Form U-2
- Evidence of registration for those individuals/firms receiving commissions
- Evidence of compliance with suitability requirements for sales to non-accredited investors
- Evidence of compliance with legend requirements
- Evidence of compliance prohibiting advertising or solicitation
Notice should be filed with the Alabama Securities Commission no later than fifteen (15) days after the later to occur of (i) the sale of a security to the eleventh purchaser, wherever such purchaser is located, in a transaction involving purchasers in this State, or (ii) the first sale to a purchaser in this State.
Extension of this Notice: Each request for extension of this notice should be accompanied by a nonrefundable filing fee of $300.00 (Pursuant to Ala. Code § 8-6-11(c).).