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SEC issues guidance on intrastate and regional securities offerings

  • SEC document Image

Oct 26, 2016

The SEC has issued a final rule, “Exemptions to Facilitate Intrastate and Regional Securities Offerings.”

The new rule modernizes and updates “the existing intrastate offering framework that permits companies to raise money from investors within their state without concurrently registering the offers and sales at the federal level.” In addition, the final rule “amends Rule 504 of Regulation D under the Securities Act to increase the aggregate amount of securities that may be offered and sold from $1 million to $5 million”; as a result of these changes, Rule 505 has been repealed.

The final rule will be effective on May 22, 2017, except for the revised Rule 147 and Rule 147A which will be effective on April 20, 2017 and the amendments to Rule 504 and Rule 30-1 which will be effective on January 20, 2017.

For more information, see the press release and final rule on the SEC’s Web site.

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