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NASAA Expansion of Electronic Filing Depository Functionality
Reduces Cost, Streamlines Non-Listed REIT and BDC Filings


The North American Securities Administrators Association (NASAA) yesterday (EFD) to accept additional corporate finance materials for registrations by coordination and qualification.

This new modernized and streamlined system (referred to by NASAA as “Universal Filing Type” or “UFT”) allows for electronic filing of applications, offering documents and other materials for non-listed products and reduces manual shipping costs and environmental impact often associated with paper-based filings. It will help the industry continue critical regulatory activities as many have begun to rely more heavily on remote work arrangements resulting from the spread of COVID-19.

Additional corporate finance offerings now available for electronic filing under the EFD expansion includes Regulation A (Tier 1 and Tier 2), crowdfunding, (federal and state) and franchise filings. The expanded functionality also facilitates the filing of materials such as issuer-agent registrations. The system has a usage fee.

EFD is available at Please note that not all states are currently participating in the expanded electronic functionality, and therefore some restrictions remain depending on an issuer’s location. You can view a list of participating states on the EFD website.

There is a training webinar on Tuesday, June 2 at 1:00 pm ET and registration is available on the EDF website.


Anya Coverman
SVP, Government Affairs and General Counsel
Institute for Portfolio Alternatives