CR-SCOR provides for coordinated review of an offering of securities in two or more states located within a geographic group when the offering is intended to be made in reliance upon an exemption from registration with the US Securities and Exchange Commission (SEC) under Rule 504 of SEC Regulation D or SEC Regulation A. The jurisdictions participating in CR-SCOR are divided geographically into regions. A company must request CR-SCOR in each region in which it seeks to register its offering on a coordinated basis. A company may seek to register its securities in multiple states within a region without electing review under CR-SCOR. Likewise, a company that chooses to register its securities in states located in more than one region, and elects CR-SCOR in one of the regions, is not bound to elect review under CR-SCOR in another region.
By requesting CR-SCOR, a company will, in most cases, confer with a lead jurisdiction that will coordinate the review and comments of all states within the region in which the Company intends to offer its securities. Each region has developed a protocol for review. A company must comply with the review protocol in each region in which it elects coordinated review. A company may request CR-SCOR in more than one region, and, if it does so simultaneously, the regions will coordinate review of the offering among the regions to the extent permitted by the individual regional protocols.
The regions participating in CR-SCOR include: