Davis Polk Discusses SEC Move to Expand Private Offerings

Last week, the Securities and Exchange Commission proposed broad changes to the current private offering framework. Recognizing the growing market for private investments, this is the latest in a series of recent actions by the SEC (including proposals to expand “testing the waters” communications and accredited investor definitions) intended to broaden access to capital markets for issuers and access to the exempt offering market for investors. The proposal incorporates a number of comments received by the SEC from Davis Polk and others, such as the inclusion of bright-line rules. We believe the proposal is a step in the right direction … Read more