Federal Register: SEC Adopts Final Rules Allowing Reporting Companies to Use Regulation A Exemption

The SEC final rule permitting reporting companies to use a Regulation A exemption from registration for their securities offerings was published in the Federal Register.

As previously covered, the final rule amends Securities Act Rule 251 to permit companies subject to the Exchange Act Section 13 or 15(d) reporting requirements to use the exemption provided by Regulation A. The final rule also revises Securities Act Rule 257 to provide that companies satisfying the reporting requirements of the Exchange Act have met the Regulation A reporting requirements. In addition, the SEC made conforming changes to Regulation A and Form 1-A.

The amendments will go into effect on January 31, 2019. Comments on the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 must be submitted before March 4, 2019.