Together, Section 3(a)(11) of the Securities Act of 1933 and Rule 147 make up what are generally known as the “intrastate offering exemption.” The intent behind the statutory provision and its safe harbor is to facilitate the financing of local
What is Regulation Crowdfunding (Reg CF)?
In the United States, Regulation Crowdfunding (often referred to as “Reg CF”) enables eligible companies to offer and sell securities through crowdfunding. The rules: require all Reg CF transaction to take place online through an SEC-registered intermediary, either a broker-dealer
What is Regulation A (Reg A)?
Regulation A (aka – “Reg A” or “Reg A+”) is an exemption from registration under the Securities Act of 1933 for public securities offerings of up to $75 million annually. It is often referred to as a type of crowdfunding
What is a Rule 504 offering?
Rule 504 of Regulation D is an exemption from registration under the Securities Act of 1933 for the offer and sale of up to $10 million of securities in a 12-month period. A company conducting a Rule 504 offering is
How do state and federal securities laws interact?
In the United States, the U.S. Securities and Exchange Commission regulates and enforces the federal securities laws. But, the regulatory buck does not stop there. Each state in the Union has its own securities regulator that enforces its respective securities