The NASAA Legislative Agenda (see here: http://www.nasaa.org/wp-content/uploads/2011/08/NASAA-Legislative-Agenda-113th-Congress_FINAL.pdf) includes a number of objectives that relate to the JOBS Act. As a core principle, NASAA supports policies that promote capital formation while maintaining investor protections, and, in this context, would like to see Congress strengthen investor protections “that were weakened by the JOBS Act.” In particular, the NASAA report suggests that the relaxation of the ban on general solicitation should be accompanied by a higher threshold for accredited investor status. Also, NASAA notes that a Form D should be required to be filed prior to the use of any general advertising. NASAA also recommends restrictions on performance advertising for private funds. Another core principle advanced in the agenda is the expansion (not dimunition) of state authority especially in the context of the regulation of small offerings. The report notes that “the SEC has neither the mandate nor the resources to police small offerings.” It is not clear why the report would suggest that the SEC does not have a mandate to regulate offerings for smaller companies.
If significant responsibilities in respect of smaller offerings were to rest with state regulators, and state regulators would like to promote capital formation, significant improvements would be required in order to coordinate the review of smaller offerings. As it now stands, there are numerous NASAA Statements of Policy that involve discretion on the part of regulators and that are in need of review.