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Midwest Regional Review Program

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Click on the map for Program details.

This Program allows an issuer of securities, exempt from registering federally with the Securities and Exchange Commission under either Regulation A or Rule 504 of Regulation D, to file an application simultaneously in each state where it proposes to sell securities. A single member state--usually the state in which the issuer is domiciled--will be responsible for reviewing or coordinating the review of the registration application and will communicate with the issuer to resolve problems. Once the reviewing state has permitted the registration to become effective, all other states in which regional review has been requested will also make the registration effective.

The 11 states participating in the Program are Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin.

No additional fees are imposed upon the issuer for participating in this Program. The only additional procedure is the filing of a brief application for regional review along with the registration application for each state. To be eligible for the Program, the issuer’s offering must satisfy the criteria pertaining to offering size, type, price, etc., which are listed on the application.

Participation in the Program is strictly voluntary; an issuer is always free to file an application for registration separately in each state.

Click here for details, including complete description, restrictions, application form, required exhibits and state-specific information.