The Massachusetts Securities Regulator, William Galvin, recently filed a lawsuit against the SEC to overturn a recently adopted rule. Galvin claims the adopted rule curtails state oversight of stock offerings by small and emerging companies. The new regulation, Regulation A+, was adopted in April and seeks to ease the registration requirements for start-up companies that wish to raise up to $50 million. Offerings up to $20 million would be filed with the state and SEC. Between $20 and $50 million would require SEC registration only. Galvin claimed the rule was vague in its definition of the type of investor who qualifies to purchase the small offerings, such as local businesses could target retail investors because it did not place net worth or salary restrictions. The state of Montana also brought a suit against the rule.
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