Last month, the Securities and Exchange Commission passed sweeping reforms of the rules governing exempt offerings (the “2020 Reforms”) to make it easier for issuers to move from one exemption to another, to bring clarity and consistency to the rules governing offering communications, to increase offering and investment limits and to harmonize certain disclosure requirements
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SEC Reporting Companies Soon to be Regulation A+ Eligible

Buried in new legislation mainly intended to ease Dodd-Frank restrictions on small banks is an expansion of Regulation A eligibility to include SEC reporting companies. Previously, such companies were not eligible. The new access to Regulation A will create a viable mini-public offering pathway for SEC reporting companies, particularly those not eligible for registering securities…
SEC Adopts Rules to Facilitate Intrastate and Regional Offerings

On October 26, 2016, the Securities and Exchange Commission adopted final rules intended to make intrastate and regional offerings more viable pathways for smaller raises. The new rules (i) amend Rule 147 to simplify the “doing business” standard, (ii) create a new intrastate exemption, Rule 147A, which allows use of the internet and other forms…
SEC Adopts Final Reg A+ Rules for Mini Public Offerings of up to $50 Million without Registration

The SEC yesterday issued its highly anticipated final rules amending Regulation A to allow issuers to raise up to $50 million in any 12 month period through public offering techniques but without registration with the SEC or state blue sky authorities. The 453 page rules release features a scaled disclosure regime to provide issuers with…
Electronic Blue Sky Filing System Launched by North American Securities Administrators Association

On December 15, 2014, the North American Securities Administrators Association launched the Electronic Filing Depository (“EFD”), an internet accessible database that allows issuers to submit Form D for Rule 506 offerings under Regulation D and pay related fees to state securities regulators. It also allows anyone to search EFD’s Form D database.
This is …