I co-teach a course on exempt offering alternatives at Georgetown Law and we always have an open book exam at the end of the semester because it would be very difficult to expect students to remember all of the ins and outs of Securities Act exemptions for a closed-book exam. Obviously no one uses books anymore, but the term sticks!
In remarks at PLI’s SEC Speaks conference last week, Sebastian Gomez Abero, Deputy Director of the SEC’s Office of the Advocate for Small Business Capital Formation, described the efforts of his office to make capital raising an open book exam through the SEC’s Capital Raising Hub. This resource center now features the capital raising Navigator, which walks the user through a series of questions to point users in the direction of which exempt offering alternative to pursue, a series of Building Blocks that address discrete topics most relevant to entrepreneurs seeking capital and an easy-to-use glossary of securities law terms. I encourage everyone (including our students) to check out these resources, that are very user-friendly and comprehensive.
– Dave Lynn