Series 82: Integration Safe Harbors

Taken from our Series 82 Top-off Online Guide

Integration Safe Harbors

Rule 147. According to Rule 147’s integration safe harbors, a Rule 147 offering will not be integrated with another offering if:

The other offering concludes before the Rule 147 offering starts

The other offering starts after the Rule 147 offering ends and the other offering is a registered offering, Reg A offering, Reg S offering, or crowdfunding offering

The other offering starts more than six months after the Rule 147 offering ends

SEC Rule 147(g)

Regulation A. According to Regulation A’s integration safe harbors, a Reg A offering will not be integrated with another offering if:

The other offering ends before the Reg A offering starts

The other offering starts after the Reg A offering ends and the other offering is a registered offering, Reg S offering, or crowdfunding offering

The other offering starts more than six months after the Reg A offering ends

These safe harbors are the same for Tier 1 and Tier 2 offerings.

SEC Rule 251(c)

Regulation D. Regulation D’s integration safe harbor is the same for Rule 504, 506(b), and 506(c) offerings. Another offering will not be integrated with the Reg D offering if two c

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