Proposed Changes to Regulation D

November 01, 2007

The SEC recently proposed to revise Regulation D to clarify application of the rules and provide additional flexibility to investors. Adopted in 1982, Regulation D sought to simplify and clarify existing exemptions for limited or private offerings, in addition to expanding the availability of such exemptions to certain investors. Regulation D was originally created to facilitate capital formation by small businesses, but is now used by companies of all sizes. The objective of the proposed revisions is to modernize and clarify Regulation D to bring it more in line with the modern market and communications technology, while still providing protection for investors.

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