The Securities and Exchange Commission announced changes to Rule 147 and Rule 504 yesterday designed to improve the process in which businesses may sell securities within a state where they are based. These “intrastate” updates will impact the ability for issuing companies to crowdfund from state residents. The changes were widely expected and received the support of state securities regulators – a vital variable in the rule-making equation. There was a fair amount of comments submitted on the initially proposed rules that were taken into consideration in the final document. Crowdfund Insider published a Fact Sheet on the rule change yesterday but for the policy geeks and regulatory-minded amongst us the actual document is embedded below.
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