Click to Home
Go To Search
Statements of Policy
Corporate Equity Securities
The following North American Securities Administrators Association (NASAA) Statements of Policy (SOPs) have been adopted by reference under K.A.R. 81-7-1 and K.A.R. 81-7-2. Each SOP is linked to the NASAA website for review and downloading.

SOPs under K.A.R. 81-7-1(a) for corporate equity securities registrations:

Direct Participation Programs
SOPs under K.A.R. 81-7-2(b) for Direct Participation Program securities registrations:

Cross-Reference Sheets Required by K.A.R. 81-7-2(f)
ResourcesK.A.R. 81-7-2(f)
Registration applications are required to include a cross-reference sheet that demonstrates compliance with the relevant North American Securities Administrators Association Statement of Policy (NASAA SOP) or guidelines above for the type of issuer or security to be offered in Kansas.

Suitability Requirement of K.A.R. 81-7-2(d)
Resources: K.A.R. 81-7-2(d)
In addition to the income and net worth standards and other suitability requirements contained within the NASAA guidelines and SOP adopted under subsection (b), the administrator may require that the registration statement include a statement that recommends or requires each purchaser to limit the purchaser’s aggregate investment in the securities of the issuer and other similar investments to not more than 10 percent of the purchaser’s liquid net worth.

For purposes of this subsection, liquid net worth shall be defined as that portion of the purchaser’s total net worth that is comprised of cash, cash equivalents and readily marketable securities as determined in conformity with Generally Accepted Accounting Principles (GAAP).

Financial Statement Requirements for Registration by Coordination

Generally, financial statements in a registration statement for registration by coordination in Kansas should meet requirements of the applicable Securities Exchange Commission (SEC) rules, unless otherwise provided or allowed under K.A.R. 81-7-1(b) or K.A.R. 81-7-2(e).