Series 79: Aggregation Rules

Aggregation Rules

Rule 147/147A. Neither version of the intrastate exemption has a dollar cap.

Regulation A. Proceeds from securities sold in an earlier Reg A offering will count toward the dollar cap of a later Reg A offering, if the sale date was within 12 months of the start date of the second offering. Proceeds from concurrent Reg A offerings will count toward each other’s dollar caps.

SEC Rule 251(a)

Regulation D. Proceeds from securities sold in an earlier Rule 504 offering will count toward the dollar cap of a later Rule 5