The North Dakota Accredited Investor Exemption, also known as the NAE, is a form of exemption from the securities' registration requirement enacted by the North Dakota Securities Commissioner. This exemption allows a company to offer and sell securities to accredited investors without having to register the securities with the North Dakota Securities Commissioner. The exemption applies to securities issued by North Dakota businesses or entities as well as those issued by non-North Dakota businesses or entities which are offered or sold in North Dakota. The NAE contains two types of exemptions: the Intrastate Exemption and the Interstate Exemption. The Intrastate Exemption allows a company to offer and sell securities to North Dakota residents who meet the criteria of an accredited investor as defined by the SEC. The Interstate Exemption allows a company to offer and sell securities to accredited investors located outside of North Dakota. The NAE also requires companies to comply with certain disclosure requirements. These include providing disclosure about the company, the securities being offered, the risks associated with the investment, and the use of proceeds. Additionally, companies must provide information about the management of the company and the financial statements of the company. Companies must also provide potential investors with the opportunity to review the company’s offering documents, including the subscription agreement, before investing.