SEC Publishes CDIs On Rules 147, 503, 504 and Reg A

The Securities and Exchange Commission’s Division of Corporate Finance (Corp Fin) recently published its interpretation of various rules under the Securities Act with new Compliance and Disclosure Interpretations (CDIs). The CDIs reflect updates for the amendments to Rule 147, as well as Rules 503 and 504 of Regulation D. There were also a few CDIs related to Regulation A.

In addition, some older CDIs were withdrawn in light of the repeal of Rule 505, and there were some non-substantive changes to Rule 147 and Regulation D (e.g., changes to correct outdated rule and statutory references). Below is a summary of the substantive changes. Read more.