{"abstract":"The Securities and Exchange Commission is proposing amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for entrepreneurs across the United States. Specifically, the proposed amendments would simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital formation while preserving or enhancing important investor protections. Over the years, and particularly since Congress passed the Jumpstart Our Business Startups Act of 2012, the Commission has introduced, expanded, or otherwise revised a number of exemptions from registration. The proposed amendments seek to address gaps and complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for issuers.","action":"Proposed 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/2020/03/31/2020-04799.html","cfr_references":[{"chapter":null,"citation_url":null,"part":227,"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":249,"title":17},{"chapter":null,"citation_url":null,"part":270,"title":17},{"chapter":null,"citation_url":null,"part":274,"title":17}],"citation":"85 FR 17956","comment_url":null,"comments_close_on":"2020-06-01","correction_of":null,"corrections":[],"dates":"Comments should be received on or before June 1, 2020.","disposition_notes":null,"docket_ids":["Release Nos. 33-10763","34-88321","File No. S7-05-20"],"dockets":[],"document_number":"2020-04799","effective_on":null,"end_page":18051,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/03/31/2020-04799.xml","html_url":"https://www.federalregister.gov/documents/2020/03/31/2020-04799/facilitating-capital-formation-and-expanding-investment-opportunities-by-improving-access-to-capital","images":{"EP31MR20.000":{"large":"https://img.federalregister.gov/EP31MR20.000/EP31MR20.000_large.png","original_size":"https://img.federalregister.gov/EP31MR20.000/EP31MR20.000_original_size.png"},"EP31MR20.001":{"large":"https://img.federalregister.gov/EP31MR20.001/EP31MR20.001_large.png","original_size":"https://img.federalregister.gov/EP31MR20.001/EP31MR20.001_original_size.png"}},"images_metadata":{"EP31MR20.000":{"large":{"identifier":"EP31MR20.000","content_type":"image/png","size":26238,"width":823,"sha":"facbc16f927bc36a0faaf4f937e8a513","url":"https://img.federalregister.gov/EP31MR20.000/EP31MR20.000_large.png","height":433},"original_size":{"identifier":"EP31MR20.000","content_type":"image/png","size":20459,"width":1853,"sha":"399dfa1caa8665a90d208ade72de73a9","url":"https://img.federalregister.gov/EP31MR20.000/EP31MR20.000_original_size.png","height":975}},"EP31MR20.001":{"large":{"identifier":"EP31MR20.001","content_type":"image/png","size":23508,"width":823,"sha":"701c9eb9a6337cf882b6906a115e3c5a","url":"https://img.federalregister.gov/EP31MR20.001/EP31MR20.001_large.png","height":429},"original_size":{"identifier":"EP31MR20.001","content_type":"image/png","size":19730,"width":1870,"sha":"75bbc919e6a5bb67250fe6c8120a40c2","url":"https://img.federalregister.gov/EP31MR20.001/EP31MR20.001_original_size.png","height":975}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-04799?publication_date=2020-03-31","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-03-31/2020-04799/mods.xml","not_received_for_publication":null,"page_length":96,"page_views":{"count":3331,"last_updated":"2026-04-04 18:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-03-31/pdf/2020-04799.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-04799.pdf?1585572329","publication_date":"2020-03-31","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/03/31/2020-04799.txt","regulation_id_number_info":{"3235-AM27":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/3235-AM27/harmonization-of-exempt-offerings","title":"Harmonization of Exempt Offerings","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=3235-AM27&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AM27"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"SEC","document_id":"SEC-2020-0468-0001","checked_regulationsdotgov_at":"2023-03-01T05:23:58Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":17956,"subtype":null,"title":"Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets","toc_doc":null,"toc_subject":null,"topics":["Administrative practice and procedure","Advertising","Brokers","Confidential business information","Crowdfunding","Electronic funds transfers","Fraud","Investment companies","Life insurance","Reporting and recordkeeping requirements","Securities"],"type":"Proposed Rule","volume":85}