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Legal Update

SEC Revises Exemptions for Certain Offerings

30 November 2016
Mayer Brown Legal Update

On October 26, 2016, the US Securities and Exchange Commission (SEC) adopted rules making changes to certain exemptions under the Securities Act of 1933: amending Rule 147 to modernize the safe harbor from the registration requirements for intrastate securities offerings, adopting new Rule 147A as a potentially more useful alternative to Rule 147, amending Rule 504 of Regulation D to increase the aggregate amount of securities that may be sold in any 12-month period and disqualifying certain bad actors from participating in such offerings and repealing Rule 505 in light of the changes to Rule 504. This Legal Update discusses these revisions and related practical considerations for issuers.


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