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