Model Accredited Investor Exemption
NASAA Model Accredited Investor Exemption
Uniform Notice of Transaction
(Form A1)
Used for: Transactions made in reliance on the exemption provided by the North American Securities Administrators Association (NASAA) Model Accredited Investor Exemption (MAIE).
Filing requirement: NASAA Model Accredited Investor Exemption Filing
- Filing Fee: $200, as set forth in s. DFI-Sec
2.02(9)(n)9, Wis. Admin. Code.
- Form Required: Completed federal Form
A1
http://www.nasaa.org/content/Files/MAIEForm.doc
- Exhibits required: A copy of the general announcement, a consent
to service of process, and a completed Form
A1.
- Timing of filing: Not later than 15 days after the first sale in Wisconsin.
Administrative Code: ยง DFI-Sec 2.02(9)(n), Wis. Admin. Code, under 551.203, Wis. Stats.
Frequently asked questions:
Q: Is the exemption's use restricted depending on the issuer's business activities?
A: Yes. The exemption is not available for an issuer in the developmental stage that either has no specific business plan or purpose, or its business plan is to engage in a merger or acquisition with an unidentified entity. (blind pool offering)
Q: Do the so-called "bad boy disqualifiers" applicable to Regulation D/Rule 505 offerings apply to this exemption?
A: Yes, the same disqualifier provisions for Rule 505 offerings set forth in DFI-Sec 2.029(3) are cross-referenced and applicable for use of this exemption.
Q: Are resales of securities purchased in an offering under this exemption restricted?
A: Yes. Any resale within 12 months is presumed to have been part of the original distribution and not acquired for investment - - unless the resale is pursuant to a registration or the sale is to an accredited investor.