{"abstract":"We are adopting amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for small and medium-sized businesses and entrepreneurs across the United States. Specifically, the amendments simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital formation while preserving or enhancing important investor protections. The amendments also seek to close gaps and reduce complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for businesses and entrepreneurs.","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/2021/01/14/2020-24749.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":"240","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":"86 FR 3496","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"General: This final rule is effective on March 15, 2021.","disposition_notes":null,"docket_ids":["Release Nos. 33-10884","34-90300","IC-34082","File No. S7-05-20"],"dockets":[],"document_number":"2020-24749","effective_on":"2021-03-15","end_page":3605,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2021/01/14/2020-24749.xml","html_url":"https://www.federalregister.gov/documents/2021/01/14/2020-24749/facilitating-capital-formation-and-expanding-investment-opportunities-by-improving-access-to-capital","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-24749?publication_date=2021-01-14","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2021-01-14/2020-24749/mods.xml","not_received_for_publication":null,"page_length":110,"page_views":{"count":9145,"last_updated":"2026-06-12 20:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-01-14/pdf/2020-24749.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-24749.pdf?1610545533","publication_date":"2021-01-14","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2021/01/14/2020-24749.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-2021-0053-0001","checked_regulationsdotgov_at":"2021-01-18T04:30:08Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":3496,"subtype":null,"title":"Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets","toc_doc":"Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets","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":"Rule","volume":86}