Series 82: Integration Of Offerings

Integration of Offerings

All offers and sales that are part of the same offering must be “integrated,” or considered as a whole for purposes of determining whether a Reg D exemption is available. Offers and sales that are not made within six months before the start, or six months after the completion, of a specific Regulation D offering are not considered part of the same offering. Sales that do occur within that window are generally integrated with the offering if they are part of the same plan of financing, involve the same class of securities, and are made for the same general purpose.

Note that the concepts of