SEC Adopts Final Rules To Amend Exempt Offering Framework

On November 2, 2020, the Securities and Exchange Commission ("SEC") voted to adopt amendments to harmonize, simplify, and improve the exempt offering framework under the Securities Act of 1933, as amended (the "Securities Act"). The SEC believes these new rules will promote capital formation and expand investment opportunities in the private market by raising offering and investment limits, harmonizing rules around certain offering communications as well as issuer eligibility and disclosure requirements, while at the same time ensuring investor protection remains paramount.

Increases to Offering and Investment Limits
The new rules raise the existing offering size limitations on certain exempt offerings, including: