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SEC Adopts Rules to Modernize and Streamline Exempt Offerings

Client memorandum | November 9, 2020

On November 2, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to certain rules under the Securities Act of 1933, as amended (“Securities Act”) that are intended to, among other things, close gaps and reduce complexities in the exempt offering framework that may impede access to capital for issuers and thereby limit investment opportunities, while preserving or enhancing investor protections. The Amendments impact numerous types of exempt offerings, including offerings conducted under Regulation D and Regulation S. We highlight below certain of the Amendments that may be of particular interest to our clients that regularly conduct offerings under those exemptions. The Amendments will become effective 60 days after their publication in the Federal Register.

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