North American Securities Administrators Association Inc.

“Nasaa is a professional association of securities administrators with 67 members.”

“Nasaa's directors are elected by a vote of the full membership.”

“Proposed amendments to the organization's by-laws, if initiated by the governing body, require approval by the membership.”

“The executive director is provided with a draft of the form 990 prepared by the organization's outside cpa. The executive director, with assistance from the director of finance, reviews the draft and provides feedback to the outside cpa. The final draft of the form 990 is then provided to the board of directors. The return is finalized once all issues raised during the review process have been properly resolved.”

“Officers, directors, and employees (collectively, "Covered Individuals") of NASAA each have an affirmative obligation to act at all times in the best interests of NASAA. Each Covered Individual shall disclose any and all facts that may be construed as a conflict of interest. Disclosures are made at the time of hire, election or appointment; through an annual disclosure process; and whenever an actual or potential conflict arises. The Board of Directors or a designated working group of the Board will review submitted disclosures, determine whether or not a conflict of interest exists, and determine whether or not such conflict materially and adversely affects NASAA's interests. If the Board of Directors or the designated working group of the Board determines that an actual or potential conflict of interest exists, it shall also determine an appropriate remedy.”

“THE EXECUTIVE DIRECTOR'S SALARY IS DETERMINED BY THE CORPORATE OFFICE REVIEW COMMITTEE, COMPRISED OF THE PRESIDENT, the PRESIDENT-ELECT, THE IMMEDIATE PAST PRESIDENT, AND THE TREASURER. SEE SCHEDULE J FOR ADDITIONAL DETAILS.”

“No documents available to the public.”

“NASAA, under the leadership and supervision of its state securities regulator members, operates the Electronic Filing Depository ("EFD"). The EFD system benefits from the oversight of the NASAA Board of directors and subject matter expertise from the EFD Steering Committee. EFD is an internet-accessible database system that allows issuers to submit regulatory filings, currently Form D for regulation D, Rule 506 offerings and pay related fees to state securities regulators. EFD also provides a public-facing website allowing members of the public to search and view, free of charge, Form D filings and additional form filings made with other state securities regulators. The EFD system allows filers and state regulatory agencies to transition from a paper-based filing system to an electronic system. By fostering uniformity in state regulatory filings, and simplifying communications between filer and regulator, EFD helps provide regulators with a more efficient and effective means of receiving and monitoring securities filings, as well as better aligning the state filing process with the federal filing process.”

“The organization has a committee that assumes responsibility for oversight of the annual financial audit. This has not changed from prior years.”