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ARTICLE · 16 JULY 2019

SEC Issues Concept Release On Harmonization Of Securities Offering Exemptions

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On June 18, 2019, the US Securities and Exchange Commission (SEC) issued a concept release1 soliciting "

United StatesCorporate/Commercial Law
David Bakst
David Bakst
Jennifer Carlson
Jennifer Carlson
Robert Gray, Jr.
Robert Gray, Jr.
Lawrence Hamilton
Lawrence Hamilton
Michael Hermsen
Michael Hermsen
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Laura Richman
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On June 18, 2019, the US Securities and Exchange Commission (SEC) issued a concept release1 soliciting "comment on possible ways to simplify, harmonize, and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections." Under the Securities Act of 1933, as amended (Securities Act), every offer and sale of securities must be registered with the SEC unless an exemption from registration is available. In the concept release, the SEC specifically notes that the overall framework for exempt offerings has, particularly recently, changed significantly due to the introduction, expansion or revision of various registration exemptions.

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