Series 79 practice questionmediumRegulation D
What is the integration doctrine in the context of Regulation D offerings?
- AThe requirement to integrate foreign and domestic investors in the same offering
- BSEC may combine separate offerings, potentially jeopardizing the exemption✓ Correct answer
- CThe process of integrating a private placement with a subsequent IPO
- DThe requirement to integrate financial statements from different fiscal years
Explanation
Why B — SEC may combine separate offerings, potentially jeopardizing the exemption
Rule 152 now supplies a general 30-calendar-day non-integration safe harbor, plus transaction-specific safe harbors and a facts-and-circumstances principle when no safe harbor applies.
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