Regulation D: Private vs. Public Capital Raising (Deck)

Vladimir Ivanov and Sara HanksAt the SEC Government-Business Forum on Small Business Capital Formation, Senior Financial Economist Vladimir Ivanov, gave an updated presentation regarding the state of Regulation D.  Ivanov delivered a very similar presentation at the end of 2014 with replicated slides.  He did update a couple of items and added some new information which you may view below.  Data provided is up to December 2o14 (so perhaps we are due for some new information).

Some of the interesting points shared;

  • From September 23rd 2013 to December 31st, 2104 over $1.5 Trillion was filed under Regulation D
  • Of this amount only $33 billion came under 506(c) which was created by Title II of the JOBS Act also called Accredited Crowdfunding
  • Under Regulation D, state with the most issuing companies: California
  • Second most active state: New York
  • Number of total investors under 506(c): 20,563

Probably the biggest take-away is how slow accredited crowdfunding has ramped. But these are still early days and the industry is still iterating and figuring out how to best provide issuers with an effective market and investors with the best experience.


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