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GAO-17-278R 1 (2016-12-05)

handle is hein.gao/gaobadsxp0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328616 December 5, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Comm ittee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Exemptions To Facilitate Intrastate and Regional Securities Offerings Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (the Commission) entitled Exemptions To Facilitate Intrastate and Regional Securities Offerings (RIN: 3235-AL80). We received the rule on October 28, 2016. It was published in the Federal Registeras a final rule on November 21, 2016, with effective dates ranging from January 17, 2017, to May 22, 2017. 81 Fed. Reg. 83,494. The final rule amends the Commission's Rule 147, which provides a safe harbor for compliance with the exemption from registration for intrastate securities offerings. The rule also establishes a new intrastate offering exemption, designated Rule 147A, which is similar to the amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The Commission designed this final rule to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission com plied with the applicable requirements. GAO-1 7-278R

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