The comment letter generally supports the efforts to rationalize and streamline the law applicable to offerings that are not registered under the Securities Act. It argues that in the light of recent market and technological developments, the laws relating to private offerings need to be revisited.

However, with respect to the SEC Proposal to revise Regulation D, the comment letter:

a) argues that US investors will be adequately protected without the imposition of procedural restrictions on the transfer of Rule 144A securities; and

b) requests that the SEC clarify that any general announcements would not constitute ‘directed selling efforts’ as defined in Regulation S where an offering is conducted using Rule 144A or Rule 507 together with Regulation S.

For the comment letter, please click on the link to the left.

For the proposed rule, please visit the following page:

View Comment Letter:

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