• Emily A. Georgiades, Esq.

Future Amendments to U.S. Securities Offerings.

The U.S. SEC recently announced new amendments coming to venture capital raising techniques in the U.S. allowing for higher offering caps. It is envisaged that such amendments would reduce uncertainty and perceived risk among issuers when considering and planning possible capital raising alternatives such as Reg D, Crowdfunding, Reg A+ and other exemptions.

In addition, the SEC has stated that other proposed amendments will be made that:

1. add clarity on how securities offerings interrelate, including the relationship between exempt and registered offerings;

2. when two or more securities offerings will be considered integrated as one offering;

3. amend the current integration framework to better facilitate the determination as to whether separate sales of securities are part of the same offering; and

4. A proposal of four non-exclusive safe harbor integration provisions which take into consideration employee-benefit plans, offerings made either 30 days before the commencement of any other offerings or 30 days after the completion or termination of an offering, offers and sales made in reliance of an exemption in which general solicitation is permitted and offerings for which a Securities Act registration statement has been filed would not be integrated if made subsequent to certain conditions;

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