Securities Division announces new small business regulation

Video by Cory Dawson/

Raising CapitalChanges to the Vermont Small Business Offering Exemption (VSBOE) have been a priority at DFR for many months. On Monday, June 16, 2014, the Department announced that the proposed changes have been approved. These changes are expected to make raising capital easier for our small businesses.

These important modifications to current securities regulations are expected to drive innovation, promote job growth and support Vermont entrepreneurship while protecting the interests of investors. The revised regulation allows Vermont businesses and start-up companies to raise up to $2 million in capital by selling shares in their company to in-state investors. It also allows for a simplified process to reduce the regulatory burdens and costs usually associated with securities registration.   

Traditionally, federal and state securities laws have limited investments in small businesses to wealthy individuals. VSBOE gives all Vermonters the opportunity to support their local entrepreneurs, existing and new small businesses. Participating businesses will be registered with DFR and will allow individual investors to purchase up to $10,000 in stock equity from a single business. VSBOE also allows certain high net-worth individuals to purchase an unlimited amount of equity.

As part of his efforts to boost economic development in the state, Gov. Peter Shumlin called for this rule change in his annual budget speech in January 2014.

The Department has issued guidelines for small business owners concerning the type of information and disclosures that should be provided to prospective investors under a VSBOE offering. Those small businesses and start-ups interested in VSBOE are encouraged to contact the Department’s Securities Division at 802-828-3420 to learn more.

Read the Bulletin, Regulation or press release.

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Health insurance reports as mandated by the Legislature are now available here.

Welcome to the Department of Financial Regulation

The Department of Financial Regulation's job is to protect consumers against unfair and unlawful business practices in the areas of banking, securities (investments) and insurance, while ensuring that licensed entities are financially healthy. It regulates and monitors a broad spectrum of financial services activities. The chief regulator of the Department is Commissioner Susan L. Donegan.

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Changes to Health Insurance Rates & Forms Filing Fees

Effective January 1, 2014 the filing fee for all Health related filings have increased from $50.00 to $150.00. To view the statutory changes please click on the following links., and

2014 Household Health Insurance Survey

DFR will conduct the 2014 Household Health Insurance Survey from early August to November. Representatives from a survey company called Market Decisions will  make random phone calls to Vermonters to obtain information about their health insurance needs. Callers will ask for first names only, which will be kept confidential, and they will never ask for Social Security numbers, credit card or bank information. We urge everyone who receives a call to take part in the survey. Read the press release for more information.

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