Blue Sky Regulations & Compliance

State Blue Sky Requirements for Regulation D Rule 506:

With the exception of Florida all states require a state filing for Regulation D offerings within 15 days of receipt of funds for a security sale or in other words within 15 days after you receive money from an investor in that state. State filing fees vary from $50 to $1950 but most states average around $300. The NASAA Electronic Filing Depository (EFD) system pulls the Form D information from EDGAR, therefore, before any state filings can occur you must already have a filed Form D on EDGAR. If you haven't already filed your Form D you can learn more on our website by clicking the Reg D Filing link.

Florida has no filing requirement or fees for a Regulation D Rule 506 offering.

PPM Fast Blue Sky Filing Service for Rule 506 Only

PPM Fast offers a Blue Sky filing service for your Regulation D Rule 506 offering state filings. Since December 2014, ALL states (including Puerto Rico and the US Virgin Islands) now use the NASAA Electronic Filing Depository (EFD) to file and pay state filing fees. As previously mentioned Florida does not require a filing. Note: New York joined EFD in December 2020 but at this time still requires Real Estate Securities to be filed manually using a Form 99. PPM Fast offers an affordable filing service for all the electronically filed states.

Considerations for Filing on Your Own

If you plan to file a Rule 506 on your own or if you are using Rule 504, you will need to determine the appropriate Regulatory Authority and each state's filing requirements. To learn about state securities regulations click on the NASAA link at the bottom of this page.


Jurisdictional Legends

In addition to the filing requirements a Private Placement Memorandum (PPM) must contain specific Blue Sky or NASAA Jurisdictional Legends. Our PPM's come standard with all 50 NASAA Legends plus the District of Columbia. If you plan to sell your securities outside the United States you need to add a general Foreign Legend as well.


Research State Securities Laws using the NASAA Website: