Form D Filings: Complying with Securities and Exchange Commission Regulations

by Chris Tabb

Introduction: Understanding the Basics of Form D

Form D filings are a requirement for certain companies that are raising capital through the sale of securities. These filings are made with the Securities and Exchange Commission (SEC) and serve as a notice of securities offering under Regulation D of the Securities Act of 1933. Companies that meet certain criteria, such as those using the Regulation D and sell securities, are required to file with the SEC.

Form D Filings: Understanding the Filing Process

The process starts with the preparation of the filing document which includes providing the SEC with information about the company, the offering, and the securities being offered. The following are the steps to file Form D with the SEC:

Obtain an EDGAR access code and EDGAR filer code from the SEC's EDGAR Filer Management website.

Prepare the filing document using EDGAR's online form and instructions. This includes providing the SEC with information about the company, the offering, and the securities being offered.

Submit the filing document and any accompanying documents to the SEC through EDGAR along with the filing fee.

Online filing options:

The SEC offers online filing options through the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. This allows companies to submit their Form D filings electronically, which can be a more efficient and cost-effective way to file.

Additionally, some private companies offer the service of preparing the filing document and submitting it on the behalf of the issuer.

It's important to note that filers have to have an EDGAR access code and EDGAR filer code from the SEC's EDGAR Filer Management website and must comply with the SEC's requirements for electronic submission. They must also have their own filer identification number.

Regulation D and Form D

Regulation D is a set of rules under the Securities Act of 1933 that provide exemptions from the registration requirements of the SEC for certain types of securities offerings. These exemptions allow companies to raise capital through private offerings and sell securities without having to register the securities with the SEC.

Form D is a notice filing required for companies that are relying on certain exemptions provided by Regulation D, including Rule 504, 505, and 506 of Regulation D. The Form D notice filing serves as notice to the SEC of an exempt offering of securities and is required to be filed within 15 days after the first sale of securities in the offering.

Notice of Securities Offering and Form D Requirements:

When a company is relying on an exemption provided by Regulation D, it must file a Form D notice with the SEC as a notice of the exempt offering of securities. The Form D filing must include information about the company, the offering, and the securities being offered. Additionally, issuers of securities have to comply with any other requirements imposed by the SEC, such as providing the investors with the required disclosures and obtaining any necessary consents before selling the securities.

It's important to note that the SEC reviews Form D filings and may take action if they find that the company has not complied with the requirements of Regulation D or if they believe the offering may be fraudulent.

Form D Filing Deadline

Form D must be filed with the SEC within 15 days after the first sale of securities in the offering.

Form D Exemptions

There are certain circumstances when a Form D filing is not required. For example, companies that have already registered their securities with the SEC under the Securities Act of 1933 do not need to file Form D. Additionally, companies that are not selling securities, such as those that are raising capital through venture capital or private equity financing, are also not required to file Form D. Another exemption is the Regulation A+ of the SEC, which allows certain small companies to offer and sell securities without having to register with the SEC. Companies that qualify for this exemption do not have to file Form D. Companies that irrevocably contractually committed to a transaction are also not required to file Form D.

Securities Act Compliance: Conclusion - Summing Up Regulations

Form D filing regulations, exemptions, and requirements are discussed in this article. Compliance is crucial to avoid issues, companies unsure of their obligations should consult a securities attorney. Additional information can be found on SEC's website.

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