The Law Library presents the complete text of the Exemptions to Facilitate Intrastate and Regional Securities Offerings (US Securities and Exchange Commission Regulation) (SEC) (2018 Edition).
Updated as of May 29, 2018
We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state.
This ebook contains:
- The complete text of the Exemptions to Facilitate Intrastate and Regional Securities Offerings (US Securities and Exchange Commission Regulation) (SEC) (2018 Edition)
- A dynamic table of content linking to each section
- A table of contents in introduction presenting a general overview of the structure