Clarifications to some of the rules adopted on December 8, 2011 to conform to the Georgia Uniform Securities Act of 2008 were adopted by the Georgia Office of the Secretary of State, effective March 29, 2012.
The following descriptions comprise the effective clarifications:
* The filing date for Georgia's limited offering exemption corresponding to SEC Rule 505 was changed to 15 business days after the receipt of consideration or the delivery of a subscription agreement.
* The new non-profit organization securities exemption mandates that NASAA's Church Bond and Church Extension Fund Policy Statements be applied to offerings made under the exemption.
* The new Invest Georgia exemption is available only to for-profit business entities.
* The "electronic filing with designated entity" and "application renewal" rules for investment advisers and investment adviser representatives eliminated the "grace period" for filings due each December.
* Investment adviser contract, written exam, recordkeeping and supervision rules clarify that these rules apply to investment advisers or investment adviser representatives registered or required to register in Georgia.
* Typographical errors were corrected in investment adviser application and abandoned application rules.