Regulation D gives companies a clear path to raising money without registering with the SEC, especially important for startups and small businesses that can’t afford the time or cost of a full SEC registration.  These include specific rules — like Rule 504, Rule 506(b), and Rule 506(c) — that let companies sell securities privately. If a company follows all the steps in one of these rules, it is protected from legal penalties for not registering the offering. For more information, see  SEC.gov – Rule 144.

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