Law Blog Tag: intrastate exemption

SEC Advisory Committee On Small And Emerging Companies Recommends Modernizing Rule 147 for Intrastate Crowdfunding Offerings

Intrastate Crowdfunding Legislation Has Passed in Florida

SEC Issues Advertising Guidance Related to State-Specific Crowdfunding

State Crowdfunding Using Intrastate Offerings and Rule 147

Securities Law Update: Intrastate Offerings Section 3(a)(11) and Rule 147 Examined

Section 3(a)(11) of the Securities Act of 1933, as amended (Securities Act) provides an exemption from the registration requirements of Section 5 of the Securities Act for “[A]ny security which is a part of an issue offered and sold only to persons resident within a single State or Territory, where the issuer of such security is a person resident and doing business within or, if a corporation, incorporated by and doing business within, such State or Territory.” (“Intrastate Exemption”) Rule 147 promulgated under the Securities Act provides for further application of the Intrastate Exemption.