{"abstract":"The Securities and Exchange Commission is adopting rules that will modify and advance significantly the registration, communications, and offering processes under the Securities Act of 1933. Today's rules will eliminate unnecessary and outmoded restrictions on offerings. In addition, the rules will provide more timely investment information to investors without mandating delays in the offering process that we believe would be inconsistent with the needs of issuers for timely access to capital. The rules also will continue our long-term efforts toward integrating disclosure and processes under the Securities Act and the Securities Exchange Act of 1934. The rules will further these goals by addressing communications related to registered securities offerings, delivery of information to investors, and procedural aspects of the offering and capital formation processes.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2005/08/03/05-14560.html","cfr_references":[{"chapter":null,"citation_url":null,"part":200,"title":17},{"chapter":null,"citation_url":null,"part":228,"title":17},{"chapter":null,"citation_url":null,"part":229,"title":17},{"chapter":null,"citation_url":null,"part":230,"title":17},{"chapter":null,"citation_url":null,"part":239,"title":17},{"chapter":null,"citation_url":null,"part":240,"title":17},{"chapter":null,"citation_url":null,"part":243,"title":17},{"chapter":null,"citation_url":null,"part":249,"title":17},{"chapter":null,"citation_url":null,"part":274,"title":17}],"citation":"70 FR 44722","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"December 1, 2005.","disposition_notes":null,"docket_ids":["Release Nos. 33-8591","34-52056","IC-26993","FR-75, International Series Release No. 1294 and File No. S7-38-04"],"dockets":[],"document_number":"05-14560","effective_on":null,"end_page":44831,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2005/08/03/05-14560.xml","html_url":"https://www.federalregister.gov/documents/2005/08/03/05-14560/securities-offering-reform","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/05-14560?publication_date=2005-08-03","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2005-08-03/05-14560/mods.xml","not_received_for_publication":null,"page_length":110,"page_views":{"count":2848,"last_updated":"2026-07-27 06:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2005-08-03/pdf/05-14560.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2005-08-03","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2005/08/03/05-14560.txt","regulation_id_number_info":{"3235-AI11":{"issue":"200404","html_url":"https://www.federalregister.gov/regulations/3235-AI11/securities-act-reform","title":"Securities Act Reform","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=200404&RIN=3235-AI11&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AI11"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-12T16:57:46Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":44722,"subtype":null,"title":"Securities Offering Reform","toc_doc":"Securities offerings reform; registration; communications, and offering processes; modification","toc_subject":"Securities:","topics":["Administrative practice and procedure","Authority delegations (Government agencies)","Investment companies","Organization and functions (Government agencies)","Reporting and recordkeeping requirements","Securities","Small businesses"],"type":"Rule","volume":70}