Amendments to limited offering and Reg. D exemptions were adopted by the Delaware Division of Securities, together with changes to certain registration, administrative hearing, investigation and Division organization/structure rules. The rule changes take effect January 14, 2011.
The significant rule amendments include the following:
* The statutory limited offering exemption for no more than 25 persons present in Delaware during a 12-month consecutive time period is now, by rule, withdrawn for any security offered or sold in Delaware.
* The above limited offering rule eliminated the provisions for making an offering under Rule 505 of federal Regulation D.
* The small company offering registration rule was repealed.
For more information see http://attorneygeneral.delaware.gov