In Short
The Situation: In recent years, the overall
framework for exempt offerings has shifted as new exemptions from
the registration requirements of the Securities Act of 1933
("Securities Act") have been introduced and existing
exemptions have been revised or expanded. As a result of the
fragmentary nature of these changes, the SEC believes that U.S.
capital markets would benefit from a comprehensive review of the
design and scope of the exempt offering framework.
The Result: The SEC has issued a concept
release and requested public comment on possible ways to simplify,
harmonize, and improve the framework for exempt offerings in order
to promote capital formation while maintaining necessary investor
protections.
