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SEC expands use of Regulation A exemption

Joe Mont | December 19, 2018

The Securities and Exchange Commission has adopted final rules to allow reporting companies to use the Regulation A exemption from registration for their securities offerings. 

Regulation A provides an exemption from registration under the Securities Act of 1933 for offerings of securities up to $50 million in a 12-month period. Currently, Regulation A is not available to companies that are Exchange Act reporting companies. The final rules, announced on Dec. 19, also revise Securities Act rules so that companies meeting the reporting requirements of the Exchange Act will be deemed to have also met the reporting requirements of Regulation A.

The Economic Growth, Regulatory Relief, and Consumer Protection Act, enacted earlier this year, required the Commission to revise Regulation A to allow reporting companies to use the exemption. EGRPRA requires the federal regulators to conduct a review of our rules at...

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