Welcome to All Things SPVs, Sally’s educational series focused on simplifying the world of Special Purpose Vehicles. In this post—Part 4 of our Security Filings series—we cover the step-by-step process for filing Blue Sky notices with U.S. states through the NASAA EFD system. If you haven’t reviewed Parts 1 through 3 (Form D Overview, EDGAR Setup, and Submission Review), we recommend starting there. Catch up on Form D basics here or get your CIK with our Form ID tutorial.
This guide is tailored specifically for SPV organizers, syndicators, venture firms, family offices, and anyone managing compliant SPV administration workflows. Explore SPV workflows with our document templates guide or set up your entity first with this step-by-step.
🚨 What Are Blue Sky Filings?
Blue Sky Filings are required state-level securities filings. After you submit your Form D with the SEC through the EDGAR system, you must notify each U.S. state in which your SPV has investors. These notifications are filed through the NASAA Electronic Filing Depository (EFD).
🧠 Think of it this way:
Form D = Federal filing
Blue Sky = State-by-state
🧭 Before You Begin
✅ You should have already filed your Form D via EDGAR. Review our Form D submission guide if needed.
✅ You should have your CIK code, CCC and SPV details handy. Get your CIK with our Form ID tutorial. Get your CCC with our Codes tutorial
✅ You’ll need access to your bank account for ACH payments (no credit cards allowed).
✅ This Blog Post is only for SPVs and is not mean to educate on other types of fund or security offerings.
🔧 Step-by-Step: Filing Your SPV’s Blue Sky Notices
- Set Up a NASAA EFD Account Visit the NASAA EFD login page
Register as a Filer/Issuer
Use your firm or master SPV name as your login ID (e.g., “Sally Capital”)
Set your email and password, agree to the terms, and complete the setup
🔄 You must accept terms every time you log in.
- Search for Your SPV Form D Click “Search Form D”
Enter your CIK code (from the EDGAR filing)
Wait for your SPV to appear, then click the EFD ID hyperlink
🕒 There can be a delay of a few hours to 1 day between your Form D submission and its visibility in the NASAA system.
- Create a New Notice Filing Click “Create Notice” → “New Notice”
Select the states where your SPV investors reside
Note: Florida requires no Blue Sky filing—skip it.
Input State-Specific Investment Details For each selected state:
Offering Amount – Total amount raised by the SPV
Date of First Sale – Date you closed your SPV
Number of Investors – From that state
Amount Sold – Total capital received from investors in that state
🔴 Red fields are required
⚪ White fields are optional (you can skip)
⚫ Gray fields are locked (not applicable)
- Auto-Fill Your SPV Details Click “Copy from Selected Group” or “Copy from Offering” to import details from your Form D
Review for accuracy and continue
- Review & Pay Filing Fees Each state charges its own filing fee.
Some charge nothing (e.g., Indiana), while others range from $50–$500
The system will show a summary of all fees, plus a $160 system use fee
Total is typically $300–$1,000
- Submit Payment via ACH Enter your bank account info
No credit card or wire options
Click Submit Payment
🧾 Be sure to save or print your receipt for internal records or future audits.
📄 Summary: Why Blue Sky Compliance Matters
State-level Blue Sky filings are a critical part of SPV administration. They help ensure your offering is properly disclosed and exempt at the state level—mitigating risk and enabling smoother banking, audits, and investor communication.
🛠 How Sally Helps
With Sally SPV Software, your entire SPV workflow—from formation and EIN generation to Form D and Blue Sky filing—can be tracked, templated, and managed in one place. Sally’s platform is built to help you:
Streamline document workflows
Track state-level compliance
Manage KYC/AML and investor data
Automate distributions, and audit trails
🎯 Built from over 9,000 SPVs. Designed for your next one.
📚 Resources
📺 Watch the full Blue Sky Filing walkthrough video on YouTube
🌐 Explore all All Things SPVs videos at All Things SPVs
🔎 Related Posts
How to File Form D with EDGAR (Part 3)
How to File Form ID (Part 1)
How to get your CCC Code (Part 2)
How to Work with Sally’s SPV Document Templates
📌 Tags: SPV |SPV Admin |SPV Administration |SPV Software |Blue Sky Filing | NASAA EFD |Form D |Venture Capital |Angel Investing |Syndication Compliance | All Things SPVs | Sally