Rhode Island readopts existing rules with substantive exceptions

By Jay Fishman, J.D. The Rhode Island Department of Business Regulation has readopted its existing securities rules, effective August 22, 2018, primarily to place them under one of three newly created subheadings: (1) pre-licensing requirements; (2) post-licensing requirements; or (3) issuance and registration of securities. The text of most of the rules is not changing except for nomenclature and/or citation to Rhode Island Securities Act or federal securities rule references, to reflect current references. But there are substantive exceptions to the above as follows: The replaced Rule 506 offerings rule adds a new sentence stating that the notice filing must include a Form U-2 if a consent to service of process is not included in the version of Form D comprising the submitted notice. Also, the federal statutory reference for Rule 506 offerings is updated from Securities Act, Section 18(b)(4)(D) to 18(b)(4)(F) to reflect current SEC nomenclature; A temporary order issued…

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