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States Sue to Stop SEC’s Regulation A+

Joe Mont | May 26, 2015

Securities regulators in two states are making a late-stage effort to kill a Securities and Exchange Commission rule that expands Regulation A, a registration exemption for small companies.

In separate petitions for review filed with the U.S. Court of Appeals for the District of Columbia on May 22, Massachusetts Secretary of State William Galvin and Montana Secretary of State Linda McCulloch are asking the court to intervene ahead of the rule’s June 9 implementation.

Galvin’s filing asks the court “to hold the Commission’s rule arbitrary, capricious, and otherwise not in accordance with the Administrative Procedure Act, the Securities Act of 1933, and other law,” to vacate the rule, and issue “a permanent injunction...

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