New York Policy Statement 105 (NPS 105) is a set of regulations issued by the New York State Department of Financial Services (DFS) to govern the operation of virtual currency businesses in the state of New York. NPS 105 outlines the registration, licensing, and record keeping requirements that virtual currency companies must adhere to in order to operate in New York. It also defines the activities which require companies to obtain a money transmission license from the DFS. There are two types of NPS 105: the original version (issued in 2014) and the revised version (issued in 2020). The revised version updates the existing regulations to reflect the growth of the cryptocurrency industry and to provide greater clarity on the requirements for businesses operating in New York.
New York Policy Statement 105
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FAQ
Policy Statement 104 provides an exemption application from the filing requirements of GBL section 352-e for certain offerings that fall within the statutory subcategories of GBL section 359-f(2).
Policy Statement 103 provides an application procedure for exemption of governmental issuers described in GBL §359-f(1)(a) from the provisions of GBL §352-e and §359-e, subdivisions two through six.
The Martin Act prohibits fraud or misrepresentation in the public offer, sale and purchase of securities and commodities (see N.Y. Gen. Bus. Law §§ 352, 352-c).
Real estate syndicates work by multiple entities pooling money to purchase a property. The group then shares the profits from selling the property and rent. The syndicator is responsible for the acquisition, management, and distribution of profits.
State that there is no separate promoter group selling interests to investors, and that no syndication fees or commissions have been or will be paid to any person or entity other than the ordinary expenses of forming a business entity, including fees paid to attorneys and accountants.