November 10, 2020
Governor Lamont and Department of Banking Announce Launch of Streamlined, Paperless Online Option for Securities Filings
HARTFORD — Governor Ned Lamont and Department of Banking Commissioner Jorge Perez today announced the launch of the online Electronic Filing Depository (EFD) to enhance the efficiency of the regulatory filing process for certain securities offerings. This launch is part of the Lamont administration’s broader efforts to make sure that anyone who must interact with state government has the choice to do it online, and that state services are as efficient as possible.
This program was developed by the North American Securities Administrators Association (NASAA). It is an online system that allows users to submit securities offering filings in multiple states and pay related fees electronically. The EFD website also enables investors to search, free of charge, filings made with state securities regulators through EFD. Use of the EFD by businesses offering securities for sale in Connecticut is not required.
The EFD system can be accessed by visiting www.efdnasaa.org.
“Challenging government to be more efficient, and more accessible to our residents has been a top priority for our administration,” Governor Lamont said. “The launch of EFD is one of the many types of streamlined processes that allow residents and businesses to access government more easily. This effort is also a part of the state’s IT Strategic Plan that moves us towards a paperless government – eliminating waste, making collaboration with government easier, and ultimately allowing our state employees more time to serve our state.”
“We are excited to join with NASSA and other state regulators in using this system,” Commissioner Perez said. “Moving to EFD will help reduce regulatory burden by allowing businesses to file across multiple states, at the same time, using one web portal. The system also allows for greater transparency for the general public. Participating in EFD is a key benchmark in our goal to use technology better throughout the agency.”
Use of the EFD system is optional and will be rolled out in stages. Issuers of Rule 506 private placements being the first to benefit from the new system starting November 2, 2020.
Members of the public are reminded that making a filing with the Securities and Exchange Commission (SEC) or with a state securities regulator does not mean that the SEC or the affected state has approved the securities or made any judgment on the soundness of the securities as an investment.
While issuers use EFD for securities filings, paper filings and checks will continue to be accepted and processed for the immediate future.
To read the State of Connecticut IT Strategic Plan, click here.
Matt Smith, 860-240-8105