Scribd

ORI IN L

UNITED

STATES

COURT

OF

APPEALS

FOR

THE

DISTRICT

OF

COLUMBIA

CIRCUH

V

UNITED

STATES

SECURITIES

AND

Case

No.

5 FO

EXCHANGECOMMISSION

Respondent

PETITIONFORREVIEW

Pursuant

to

Rule

15 a

of

the

Federal

Rules

of

Appellate

Procedure;Section

9

of

theSecuritiesAct

of

1933,

5

U S C

77 ;

and

Section

706

of

the

AdministrativeProcedure

Act U S C

7

et

seq

petitionerWilliam

F.

Galvin Secretary

of

the

Commonwealth

of

Massachusetts

by

his

attorneyMaura

Healey

Attorney

General

of

the

Commonwealth

of

Massachusetts

hereby

petitions

thisCourt

for

review

of

a

rule

respondent

the

United

States

Securitiesand

ExchangeCommissionrelating

to

the

preemption

state

securitieslaw

registration

and

qualificationrequirements

forcertain

Regulation

A

securities

The

Commission

adoptedthisrule

on

March

25

2 15

The

finalrule

release

a

copy

of

VtTIA Sf

C3ALVIN,

SECRETARY

OF

THE

COMMONWEALTH

OF

MASSACHUSETTS

Petitioner

M Y rj_I

RECL i

aD

Mai 1 .rn

United

Cotrtof

AoøejlgDistrict

ot

ugi*bia

ç r u

which

is

attached

to

thispetition was

published

in

the

FederalRegister

on

April

!"#$ #&'( )*+,**+- ./012(34 )*++56+- 789(:; -+<==<=-*+ >&?( * /@ *=+

20,

2015.

Amendments

for

Small

andAdditional

Issues

ExemptionsUnder

the

Securities

Act

Regulation

A),80

Fed.Reg.

21,806

Apr.

20,

2015

to

be

codified

at

7

C.F.R.

parts

200,

230,

232,

239,

240,249,

260 .

Petitionersubmittedwrittencomments

on

the

proposed

rule

on

December

8

2013

and

March

24,2014.

Petitioner

now

asks

thisCourt

to

holdthe

Commission’s

rulearbitrary,

capricious,

and

otherwisenot

in

accordance

withthe

AdministrativeProcedure

Act,

theSecuritiesAct

of

1933,

andother

law.

Petitioner

requests

vacatur

of

the

ruleand

its

requirements,

issuance

of

a

permanentinjunctionprohibiting

the

Commission

from

implementing

and

enforcing

the

rule,

and

such

other

relief

as

theCourtdeemsappropriate.

Respectfully

submitted,

M UR

H L Y

AttorneyGeneral

of

Massachusetts

‘

By:

Seth

Schofield

D.C.

CircuitBar

Roll

No.

55725

Robert

E.

Toone

Sookyoung

Shin

AssistantAttorneys

General

One

Ashburton

PlaceBoston,MA02108-1598 617 727-2200

seth.

schofield@state.rna.us

Counsel

for

William

F.

Galvin,

Secretary

the

Commonwealth

of

Massachusetts

Date:

May21,

2015

2

!"#$ #&'( )*+,**+- ./012(34 )*++56+- 789(:; -+<==<=-*+ >&?( = /@ *=+

ATTACHMENTUnited

States

Securities

and

ExchangeCommissionAmendments

for

Small

and

Additional

Issues

ExemptionsUnder

the

Securities

Act Regulation

A

FinalRule

ed

Reg.

21,806

Published

April

20

2015;

Effective

June

29

2015

!"#$ #&'( )*+,**+- ./012(34 )*++56+- 789(:; -+<==<=-*+ >&?( 5 /@ *=+