Series 65: 9.1.2.5. Notice Filings

9.1.2.5. Notice Filings

A notice filing is a heads-up to a state’s administrator that a federal covered security will be offered for sale in its jurisdiction. This heads-up is required for issuers of some types of federal covered securities. It is important to note that the issuers are not officially registering their securities at the state level. Instead, they are simply notifying state securities administrators that the issuer’s securities will now be sold in the administrators’ states. When federal covered securities are sold in a state, the state cannot impose filing requirements that exceed the federal requirements. Issuers of federal covered securities that are required to notice file are still responsible for paying fees to the states in which their securities will be sold. Issuers typically don’t see notice filing as overly burdensome because the requirements are few. To notice file in a state, the iss