SEC Amends and Extends Temporary Regulation Crowdfunding Relief

On August 28, the SEC amended and extended the temporary final rules adopted earlier this year that were intended to facilitate capital formation for small businesses impacted by the coronavirus pandemic. The temporary final rules will continue to provide limited, conditional relief from certain Regulation Crowdfunding requirements that relate to the timing of the offering and the availability of financial statements required to be included in offering materials. Prior to this action, the temporary final rules applied to offerings initiated under Regulation Crowdfunding between May 4, 2020, and August 31, 2020. The temporary final rules, as extended, will apply to offerings initiated under Regulation Crowdfunding through February 28, 2021 and will be effective until September 1, 2021.