ADISA Career Center

ADISA Submits Comment Letter to NASAA Regarding the Use of Electronic Offering Documents and Electronic Signatures

Jun 01, 2016

While ADISA appreciates the time and thoughts that went into drafting the Statement of Policy Regarding the Use of Electronic Offering Documents and Electronic Signatures (the “SOP”) and believes that is a step in the right direction with respect to modernizing the state securities laws in connection with the electronic age, there were some concerns, including:
 

  • Expanding the scope of the delivery of electronic documents to include not only offering documents and subscription agreements but also marketing materials,
  • Making the guidance of the SOP consistent with existing SEC guidance regarding electronic delivery, and
  • Defining security breach and tailoring the consequences relating to the discovery of such security breach to the actual circumstances of such breach.
 
The letter, signed by ADISA President Mike Bendix, DFPG Investments, was drafted by Deborah Froling of Kutak Rock, and reviewed by ADISA’s drafting committee: John H. Grady, Fred Baerenz and Darryl Steinhause.

View the letter in its entirety here.