On June 5, 2015, Monica J. Lindeen, Montana State Auditor, ex officio Commissioner of Securities and Insurance, filed a motion with the SEC for a stay of the Regulation A+ rules, which are scheduled to become effective this Friday.  In an order issued on July 16, 2015, the Commission denied the Montana motion.  The Commission found that Lindeen did not demonstrate a strong likelihood of success on the merits of her claim that the Commission’s definition of “qualified purchaser” is “contrary to the plain meaning” of the JOBS Act and NSMIA, or on the merits of her claim that “the Commission insufficiently analyzed the costs and benefits of the Final Rule as it relates to the protection of investors.”