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November 8, 2020

CrowdCrypto Newsletter | November 8, 2020 – V.2, Issue #92

Top Headlines


Regulation Crowdfunding (Reg CF)

    • The Reg CF  offering limit is raised to $5M from $1.07M, while also amending investment limits for investors to increase opportunities for small and medium enterprises to raise capital. (Crowdfund Insider)
    • Advertising:
      • Testing the waters permitted prior to filing Form C;
      • Limits on advertising after Form C filed;
      • Slight expansion to the definition of “Terms of the offering” under Rule 204; and
      • The ability for the issuer to disclose terms of the Reg CF offering in the offering materials of a concurrent offering
    • For certain Reg CF issuers, extend for 18 months the existing temporary relief providing an exemption from certain Regulation Crowdfunding financial statement review requirements

      Reg A+

    • The rules also increased Reg A+, Tier 2 raise limits to $75M, a move that may attract more startups to raise capital online. Carlos Domingo, CEO of Securitize, sat down with Crowdfund Insider to explore the enormous impact these rule changes will have on capital formation.

      Regulation D, Rule 504

    • The Rule 504 offering limit is raised to $10M from $5M.
      Regulation D, Rule 506(b)
    • Financial information that must be provided to non-accredited investors in Rule 506(b) private placements changed to align with the financial information that issuers must provide to investors in Regulation A offeringsRegulation D, Rule 506(c)
    • The SEC adopted a 5-year time limit (versus 90 days) for issuers to rely on a prior accredited investor verification check
    • These amendments and others will go into effect 60 days after publication in the Federal Register

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