The New Dynamic: Exempt Securities Offerings in the United States and Resales of Restricted Securities

IFLR Webinar

02/24/2016 11:00 a.m. - 12:30 p.m. EST

Corporate Finance | Capital Markets, Banking + Financial Services, Financial Institutions + Financial Services, Late Stage Investments, IPOs, Emerging Companies + Venture Capital, and Public Companies Counseling + Compliance

David M. Lynn

David M. Lynn


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The JOBS Act and more recently the FAST Act have brought about a number of changes to the framework governing offerings exempt from SEC registration. More and more U.S. and non-U.S. companies are choosing to rely on securities offerings that are exempt from the U.S. registration requirements. In part as a result of these and other changes, there are now more sources of private capital and “restricted securities” have become more liquid. As a result, many more promising companies are choosing to defer their IPOs and rely on exempt offerings to fund their growth. We will discuss the following:

  • How the JOBS Act has affected private placements;
  • Late-stage private placements;
  • The Regulation A market;
  • The final crowdfunding regulations;
  • Other exempt offering developments, such as intrastate offering changes; and
  • Resales of restricted securities through private secondary market transactions as well as reliance on new Section 4(a)(7).


  • Annemarie Tierney, NASDAQ Private Market
  • David Lynn, Morrison & Foerster
  • Anna Pinedo, Morrison & Foerster

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