SEC Requests Comments On Securities Offering Exemptions

The SEC issued a concept release reviewing the framework for exempt offerings (largely focused on private placements, but also covering other topics, such as intrastate offerings and Regulation Crowdfunding). The agency is requesting public comment on ways to simplify, harmonize and improve the agency's framework. The SEC staff also published a report on market experience with Regulation Crowdfunding.

In the concept release, the SEC noted that, because several exemptions from registration have been introduced, expanded or otherwise revised, U.S. capital markets would benefit from a comprehensive review of the design and scope of the framework. The SEC is intending, through revisions to the exempt offering framework, to expand investment opportunities and promote capital formation while maintaining appropriate investor protections.