SEC Fact Sheets Regarding General Solicitation on Private Offerings

SECThe SEC has released a set of three different Fact Sheets regarding their meeting today which addressed General Solicitation for certain offerings as well as Disqualification of Felons or “Bad Actors” from Rule 506 Private Placements along with rules which impact the number and types of investors in Private Placements.

Notably, in an offering that qualifies for the Rule 506 exemption, an issuer may raise an unlimited amount of capital from an unlimited number of “accredited investors” and up to 35 nonaccredited investors. Under SEC rules, accredited investors are individuals who meet certain minimum income or net worth levels, or certain institutions such as trusts, corporations, or charitable organizations that meet certain minimum asset levels.

The Fact Sheets are posted below in their entirety.


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