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The Exempt Offering Ecosystem: What the SEC Changed

Insight Dror Futter Dror Futter · November 11, 2020

The SEC announced a series of amendments (likely to be effective early next year) to the rules governing private offering exemptions – by far the most frequent path for venture fundraising. The amendments retain the same “menu” of exemptions but make incremental improvements. For the early-stage community, the amendments include a very useful provision that excludes “Demo Days” from being considered general solicitations provided certain conditions are met. Read more here.


Dror Futter focuses his practice on startup companies and their investors, and has worked with a wide range of technology companies. His fifteen years’ experience as in-house counsel includes positions with Vidyo, Inc., a venture-backed videoconferencing company, and New Venture Partners, a venture fund focused on corporate spinouts. Prior to that, Mr. Futter was Counsel to the CIO of Lucent Technologies, as well as supporting parts of its sourcing organization. Read more about Dror here.

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