SEC Updates Compliance and Disclosure Interpretation Relating to Securities Act Rule 147 (Intrastate Offerings)

The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations ("C&DIs") to discuss whether an issuer may use its own website or social media presence to offer securities in a manner consistent with Securities Act Rule 147 ("Part of an Issue", "Person Resident", and "Doing Business Within" for Purposes of Section 3(a)(11)), which provides an exemption for certain intrastate offerings by issuer (where the offerees are all residents in the same state as the issuer).

See: SEC Compliance and Disclosure Interpretations.Related news: SEC Updates Compliance and Disclosure Interpretations Relating to Securities Act Rules 134, 165 and 433 (April 22, 2014).