With the effectiveness of Regulation Crowdfunding in May 2016 and amended Securities Act Rule 147 and new Securities Act Rule 147A in April 2017, there has been increasing interest in intrastate crowdfunded offerings. The SEC also recently issued C&DIs on new Rule 147A in April 2017 that clarified that (1) offers and sales made in reliance on new Rule 147A will not be integrated with prior offers and sales of securities, including offers and sales made in reliance on amended Securities Act Rule 147, and (2) issuers must still comply with all applicable state securities law requirements. However, state crowdfunding regulations are not all identical and many have significant differences.
Click here to view our chart summarizing the current crowdfunding regulations in the various states.
We would also like to acknowledge the contribution made by Morrison & Foerster summer associate Lily Westergaard to the preparation of the chart.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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