ANALYSIS: Six Questions on the SEC’s Review of Private Offerings

The SEC will take a long, hard look at its exempt offerings in 2020. Chairman Jay Clayton stressed in a 2018 speech the need for a top-to-bottom review of the agency’s private offering rules to ensure that the provisions are “rational, accessible, and effective.” The Commission published a concept release in June 2019, aiming to harmonize the hodgepodge of offering exemptions. Comments on the concept release are now in. The topics put forth by the SEC for comment are far-reaching and wide-ranging, and could generate significant changes in how companies raise money away from the public markets. Below are six ...