Regulation D Study

The recent SEC adopting releases cite an updated SEC Risk Fin (now renamed the Division of Economic and Risk Analysis) study titled, Capital Raising in the U.S.:  An Analysis of Unregistered Offerings Using the Regulation D Exemption, 2009-2012.  This new study updates in part the Risk Fin 2012 study on exempt offerings, which we have previously cited in this blog.  The study can be accessed here:  http://www.sec.gov/divisions/riskfin/whitepapers/dera-unregistered-offerings-reg-d.pdf.

The study provides interesting insights on the exempt offering market, and emphasizes once again the importance of exempt offerings in capital-raising efforts.  The study notes that approximately $900 billion was raised in Regulation D offerings in 2012.  Not surprisingly, almost all of this was raised in Rule 506 offerings.  The study provides detailed data points on the types of issuers using Rule 506 offerings; the size of the offerings; the use of financial intermediaries; etc.