SEC Amends the Exempt Offering Framework

The SEC has issued a final rule, Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets. The final rule’s amendments generally:

• “Modernize and simplify the Securities Act integration framework for registered and exempt offerings.”
• “Set clear and consistent rules governing offering communications between issuers and investors.”
• “Increase offering and investment limits for certain exemptions.”
• “Harmonize certain disclosure requirements and bad actor disqualification provisions.”

For more information, see the press release as well as statements by SEC Chairman Jay Clayton and Commissioners Caroline A. Crenshaw, Allison H. Lee, Hester M. Peirce, and Elad L. Roisman on the SEC’s Web site.