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On November 2, 2020, the SEC adopted amendments to
“simplify, harmonize, and improve certain aspects of the exempt offering
framework” under the Securities Act of 1933. The amendments are intended to meet
evolving market needs by providing, among other changes, all of the following:
greater clarity around the SEC’s integration doctrine that can pose challenges
for companies with ongoing or recurring financial needs to permit concurrent
private and public offerings; increased efficiency of the private capital
raising process by increasing the ceiling on the amount of funds that can be
raised under Regulation A, Regulation Crowdfunding, and Rule 504 of Regulation
D offerings; clear and consistent rules governing certain offering
communications, including permitting certain “test-the-waters” and “demo day” communications;
and aligned financial disclosure requirements for Rule 506(b) offerings to
non-accredited investors with the requirements under Regulation A.