The SEC’s Evolving Integration Doctrine

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“Integration” is the SEC’s term for treating two or more securities offerings as a single offering. For example, an issuer theoretically could rely on the exemption found in Rule 506(c) and the exemption under Regulation A, and simultaneously conduct separate offerings relying on two different exemptions. This is a great article discussing how the SEC’s integration rules are evolving, and actually becoming more liberal and clear, which is good news for issuers of private securities