Which statement is true about Notice Filing?

• A. Documents filed with the SEC along with registration statements
• B. A bond may be required
• C. A financial audit is required
• D. No documents are required

Answer: (A)

Notice filing is the process that lets a state rely on securities already registered with the SEC. An issuer that has a registration with the SEC (or qualifies under NSMIA) files copies of those SEC documents with the state, along with any required state filing fee, so the state can register or notice the offering without duplicating the full state registration. Because the filing is based on the SEC documents, the state accepts the SEC registration materials as meeting the notice filing requirement.

That’s why the statement describing documents filed with the SEC along with the registration statements is true. A bond requirement, a mandatory financial audit, or having no documents at all are not typical features of notice filing.