JOBS Act Quick Start 85
Rule 504
Limitations on manner of offering
No general solicitation permitted
Rule 505
No general solicitation permitted
Rule 506
At present: No general solicitation permitted
As proposed: As an alternative, gen- eral solicitation is per- mitted provided that all purchasers are accred- ited investors and the issuer takes reason- able steps to verify that the purchasers are accredited investors
Limitations on resale Restricted Restricted Restricted
Rule 144A
As proposed: General solicitation will be permitted, provided that securities are sold only to QIBs
Section 3(b)(2)
General solicitation permitted
Section 4(6)
General solicitation permitted only through an intermediary (a funding portal or bro- ker-dealer)
Issuers are prohibited from advertising the terms of the exempt offering, other than to provide notices direct- ing investors to the funding portal or bro- ker-dealer
Restricted Not restricted
Securities are subject to transfer restrictions for one year following the purchase, subject to certain exceptions
Issuer qualifications
No Exchange Act reporting blank-cheque or investment companies
No investment compa- nies or issuers disqualified under Regulation A (except upon SEC determination)
None
None; following offer- ing issuer must make current information available
US or Canada, operating company; not a bad actor
US domestic issuers that are not reporting companies under the Exchange Act and that are not investment companies (or as the SEC otherwise deter- mines is appropriate); not a bad actor
Notice of sales
Five copies of form D to be filed with SEC within 15 days after first sale (called for by Regulation D, but not required for exemption).
Nones Notices required Notices required
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