Last October the Securities and Exchange Commission adopted amendments to Rule 147 to modernize the safe harbor under Section 3(a)(11) and a new intrastate offering exemption, Rule 147A. See Will New Rule 147A Lead To A Renaissance In California Permit Applications? These changes took effect on just over a month ago - on April 20, 2017. The SEC also has published a Small Entity Compliance Guide for Issuers that includes this handy table:
Issuers will, of course, need to comply with state securities law qualification requirements. If these exemptions prove popular, we may see corporate lawyers rediscovering the blue sky laws.
