SEC Permits EDGAR Test Filings of Crowdfunding Offerings
The SEC is permitting EDGAR test filings of Regulation Crowdfunding offerings.
Under new SEC rules that take effect on May 16, 2016, companies will be permitted to offer and sell securities through crowdfunding. Companies seeking to conduct a crowdfunding offering using the new rules must file the required disclosures about the offering on a new Form C on EDGAR, the SEC’s electronic document filing system. Filers are now able to submit test filings on the new form. The test filings will be accepted until February 29, 2016, and are intended to help prospective issuers become more familiar with the mechanics of the filing process in advance of a crowdfunding offering.
During this testing period, filers should identify their Form C filings as “test” filings. “Live” filings are not permitted, and the system will reject such filings, until the rules are effective. Test filings will not be evaluated for compliance with the rules and will not be reviewed by SEC staff or available for public viewing. As is the case with any document submitted on EDGAR, testers should not submit confidential or personally identifiable information in the test filings.
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