Actionable intelligence on Regulation D and the regulatory perimeter of private placements
The District of Columbia is the only non-state jurisdiction in the eighteen editions of this publication’s series, and its institutional structure is among the most distinctive. Three features set it apart. First, the District operates the most consolidated financial-services regulator in the family: the Department of Insurance, Securities and Banking (DISB) supervises insurance, securities, and banking under a single Commissioner (Karima Woods), with the Securities Bureau operating as one of three industry bureaus alongside the Insurance Bureau and the Banking Bureau. Second, the District’s constitutional status as a federal city—governed under the District of Columbia Home Rule Act of 1973 rather than as a sovereign state—produces a regulatory framework that derives from D.C. Council home rule authority rather than from independent state sovereignty. Third, DISB operates literally next door to NASAA’s national headquarters: DISB at 1050 First Street NE, Suite 801, NASAA at 750 First Street NE, Suite 990—two adjacent buildings in the NoMa neighborhood of Northeast Washington that produce a co-location dynamic with no parallel in the family.
