SEC Issues Concept Release on Private Placements

On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a more than 200-page concept release about ways to simplify, improve and harmonize exempt offerings, including private placements, Regulation Crowdfunding and others.  The SEC raises numerous issues for comment, such as, for example, whether and how the “accredited investor” definition should be changed, the extent of federal preemption of state blue sky laws and how Regulation Crowdfunding is working.  Comments are due 90 days after Federal Register publication, or by about September 18, 2019.  On the same date, the SEC staff issued a comprehensive report on Regulation Crowdfunding. The staff, though, did not make recommendations.