The following Statements of Policy adopted by the North American Securities Administrators Association (NASAA) are applied to equity offerings that apply for registration with the Securities Division.

Although these policies are applied to equity offerings regardless of whether they are applying for registration pursuant to qualification, coordination, the Small Company Offering Registration (SCOR) program, or one of the coordinated review programs, each offering is considered separately and certain provisions of these policies may be waived or modified to fit a particular offering.