March 13, 2025
Updated “Exempt Offerings” CDIs: Better Late Than Never!
Yesterday, in another signal that the SEC is focusing on capital raising right now, the Corp Fin Staff released a batch of updates to Compliance & Disclosure Interpretations that relate to the simplified exempt offering framework adopted by the SEC way back in 2020. Better late than never!
In total, there are 24 interpretations that have been revised / withdrawn / newly issued. Here are a few of the topics addressed:
– Reg A draft offering statements
– Use of Reg D by foreign issuers
– Reg D definitions
– Application of general solicitation rules to “angel networks” and “demo days”
– Crowdfunding communications and advertising
Here’s the big ole’ line-item list of affected CDIs:
Securities Act Rules C&DIs (UPDATED 3/12/25)
Section 182. Rules 251 to 263
Section 254. Regulation D Interpretations of General Applicability
Section 255. Rule 501 — Definitions and Terms Used in Regulation D
Section 256. Rule 502 — General Conditions to be Met
Section 257. Rules 503 and 503T– Filing of Notice of Sales
Section 258. Rule 504 — Exemption for Limited Offerings and Sales of Securities Not Exceeding $10,000,000
Section 260. Rule 506 — Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering
Securities Act Sections C&DIs (UPDATED 3/12/25)
Section 234. Securities Act Section 4(2)
Regulation Crowdfunding C&DIs (UPDATED 3/12/25)
Rule 100: Crowdfunding exemption and requirements
Rule 204: Advertising
Securities Act Forms C&DIs (UPDATED 3/12/25)
Section 130. Form D
– Liz Dunshee
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