New Hampshire Uniform Securities Act

New Hampshire has adopted a new securities law, known as the New Hampshire Uniform Securities Act, which will become effective on January 1, 2016 (see http://sos.nh.gov/SecLaws.aspx).  It is modeled on the Uniform Securities Act (2002) ("USA 2002"), which has been adopted in 18 other states.  The new NH law tracks the uniform act closely, so the new adoption is unremarkable except in one important respect, as discussed below.  But, first the good news.

Legend Requirement.  Under the existing law, if one was offering other than a federal covered security, one had to comply with the requirement of § 421-B:20 to include a legend in the offering document which either, in the case of a private offering, tracked the language in the NH statute regarding unlawful representations concerning registration or exemption, or, in the case of a public offering, the Item 501(b)(7) legend of Regulation S-K.  Although the prohibition regarding unlawful representations is contained in