PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShawLLP.

SummaryofENACTEDIntrastateCrowdfundingExemptions(asofJuly,2014)

Anyofferorsaleofsecuritiesthatusesthejurisdictionalmeans(themails,phones,internet)mustberegisteredunderthefederalSecuritiesActof1933(theSecuritiesAct)orbemadeinaccordancewithanexemptionfromthatregistration.Such
exemptionsapplyONLYtoregistrationoftheoffering;issuersarestillsubjecttoliabilityunderthefederalantifraudlaws.Similarly,ifissuersacquireaspecifiednumberofequityholders,theywillberequiredtoregisterunderthefederalSecurities
ExchangeActof1934.Further,anyintermediaryusedinconnectionwithasecuritiesofferingMAYbesubjecttoapplicablefederalandstatebrokerdealerand/orotherregistrationrequirements.
ThefederalexemptionmostfrequentlyreliedonforintrastateofferingsisSection3(a)(11)oftheSecuritiesAct,butRule504oftheoftheSecuritiesActisalsoused.Resale/transferofsecuritiessoldthroughintrastateofferingswillberestrictedbased
ontheunderlyingfederalexemption.IftheintrastateofferingreliesonSection3(a)(11),thesecuritieswillhavetocometorest(9monthrequirementunderSECRule147)intherespectivestatebeforetheycanbetransferred.Iftheintrastateoffer
ingreliesonRule504,thesecuritieswillberestrictedsecuritiesandsubjecttotherestrictionsontransferprovideintheSecuritiesAct.
Potentialliabilitiesforissuersandintermediariesinconnectionwithintrastateofferingsinclude,amongothers,antifraudliabilityunder12(a)(2)oftheSecuritiesActandRule10b5undertheExchangeAct,aswellastherespectiveapplicablestate
securitiesantifraudliabilitystatutes(someofwhichareidentifiedbelow).
DISCLAIMER:Nothinginthischartis,orisintendedtobe,legaladvice.TheinformationhereinisprovidedforinformationalpurposesONLYandYOUSHOULDCONSULTWITHYOURATTORNEYbeforeusinganyofthisinfor
mation.Further,NOREPRESENTATIONORWARRANTYismadeastotheaccuracyoruseofanyofinformationcontainedinthischartandthereshallbeNODUTY,expressorimplied,ontheauthorsoranyotherpersonto
updateanyoftheinformationherein.

STATE

ALABAMA COLORADO GEORGIA IDAHO INDIANA KANSAS MAINE MARYLAND MICHIGAN TENNESSEE WASHINGTON WISCONSIN
Title SB44 HB141079 InvestGeorgia
Exemption
ByAdministra
tiveOrder
(2012Treas
ureValleyAngel
Fund,LLC);De
cidedonacase
bycasebasis

SB375 InvestKansas
Exemption
AnActtoIn
creaseFunding
forStartups
SB811;HB
1243
PublicAct264 InvestTennes
seeExemption
HB2023

N/A
Statutecitation CodeofAla.
1975,8611
C.R.S.1151
304(6)
GAComp.R.&
Regs.59042
.08
IdahoCode
3014203and
3014301
IC23192
2(27)
K.A.R.81521 32MRSA
16304,sub6
A

Md.Ann.Code,
Corps.&Assns,
11101;606,
and601
MCL
451.2102a,et
seq.,asamend
edbyPublicAct
264

Tenn.Code
Ann.481
103(a)
RCW21.20,et
seq.,asamend
edbyHB2023

Wis.Stat.
551.202(26)
and551.205
Dateenacted January23,
2014

March27,2014 December8,
2011
FirstAdmin.
OrderJuly2,
2012
April2,2014(in
effectJuly1,
2014)
August12,2011 March2,2014 May15,2014
(ineffectOcto
ber1,2014)

December30,
2013
January1,2015

March12,2014 November8,
2013
Exemptionfrom
federalregistra
tionreliedupon
(seeNote1be
low)

Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Rule504of
RegulationD
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Section3(a)(11)
oftheSecurities
Act
Companiesper
mittedtouse
theexemption
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Onlyavailable
tocompanies
organizedand
whohavetheir
principaloffice
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Onlyavailable:
tocompanies:
organizedand
doingbusiness
inthestate;
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Availableto
foreignorga
nizedcompa
niesaswellas
thoseorganized
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate
Onlyavailable
tocompanies
organizedand
doingbusiness
inthestate;

PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShawLLP.

STATE

ALABAMA COLORADO GEORGIA IDAHO INDIANA KANSAS MAINE MARYLAND MICHIGAN TENNESSEE WASHINGTON WISCONSIN
excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies
andthemajori
ty
ofitsfulltime
employeesin
thestateand
whereatleast
80%ofthenet
proceedsfrom
theofferingare
tobeusedin
thestate

excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies
whohaveat
least80%of
theirassetsin
thestateprior
totheoffer
ing;and
whowilluse
atleast80%of
theoffering
proceedsin
thestate;

excludessole
proprietorships,
generalpart
nerships,in
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies

excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies

excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies

inthestate,but
mustbedoing
businessinthe
state;excludes
SECreporting
companiesor
blankcheck
companies

excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies
excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies
excludesin
vestmentcom
panies,SECre
portingcompa
nies,orblank
checkcompa
nies
Aggregateannu
alsaleslimit
$1,000,000 $1,000,000 $1,000,000 $2,000,000 Limitedto:

$2,000,000if
issu
erprovidesindep
endent
lyauditedfin.st
atements;

OR

$1,000,000

$1,000,000 $1,000,000 $100,000 Limitedto:

$2,000,000if
issu
erprovidesindep
endent
lyauditedfin.st
atements;

OR

$1,000,000

$1,000,000 $1,000,000 Limitedto:

$2,000,000if
issu
erprovidesindep
endent
lyauditedfin.st
atements;

OR

$1,000,000

Stateregistra
tionrequire
ments
FormCF1filed
notlessthan10
daysbeforeany
generalsolicita
tionorwithin
fifteendays
afterthefirst
saleofasecuri
ty

FormRLand
ConsenttoSer
viceofProcess
filedbeforeany
generalsolicita
tioninthestate
FormGA1filed
beforeanygen
eralsolicitation
orthetwenty
fifthsaleofa
security
Mustfilewith
DOFbeforeany
generalsolicita
tion:
Notificationof
intenttorely
onexemption;
IssuerInfor
mation;
Namesofall
personsin
volvedwith
theoffering;
Nameofes
croweeinsti
Filingrequired
atleast10days
beforeanyoffer
ontheSEC
FormD
FormIKEfiled
beforeanygen
eralsolicitation
orthetwenty
fifthsaleofa
security
Shortformreg
istrationstate
ment;
FormDre
quiredtobe
filedwiththe
SEC
Noticerequired
butrulesnot
finalized
Filingrequired
atleast10days
beforeanyoffer
ismadeorany
generalsolicita
tion
Mustfilewith
Commissioner
beforeanygen
eralsolicitation:
Notificationof
intenttorely
onexemption;
IssuerInfor
mation;
Namesofall
personsin
volvedwith
theoffering;
Nameofes
croweeinsti
Noticerequired
butrulesnot
finalized
Filingrequired
atleast10days
beforeanyoffer
ismade

PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShawLLP.

STATE

ALABAMA COLORADO GEORGIA IDAHO INDIANA KANSAS MAINE MARYLAND MICHIGAN TENNESSEE WASHINGTON WISCONSIN
tution;
Copiesof
BusinessPlan,
PPM(andall
otherdocs.
Giventoin
vestors)and
alladv.mate
rials;
Balanceand
Income
Statementsin
accordance
withGAAP

tution
InternetOffering
Portalrequire
mentsorre
strictions
(seeNote2be
low)

Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Silentastouse
ofInternetOf
feringPortal

OfferingPortal
notrequiredto
registerasa
brokerdealerif
allapplicable
conditionsmet

Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Offeringis
madeexclusive
lythroughone
ormoreInter
netOffering
Portals

OfferingPortal
notrequiredto
registerasa
brokerdealerif
allapplicable
conditionsmet

Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Silentastouse
ofInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Offeringmaybe
madethrough
anInternetOf
feringPortal

OfferingPortal
notrequiredto
registerasa
brokerdealerif
allapplicable
conditionsmet
Silentastouse
ofInternetOf
feringPortals

Offeringmaybe
madethrough
anInternetOf
feringPortal

Silentastore
quiredregistra
tionofOffering
Portalasbro
kerdealer
Offeringis
madeexclusive
lythroughone
ormoreInter
netOffering
Portals

OfferingPortal
notrequiredto
registerasa
brokerdealerif
allapplicable
conditionsmet

Escroweere
quirementsor
restrictions
Fundsmustbe
depositedwith
escroweeau
thorizedto
transactbusi
nessinthe
stateuntilmin
imumoffering
amountsatis
fied

Notspecifically
required
Fundsmustbe
depositedwith
escroweeau
thorizedto
transactbusi
nessinthe
stateuntilmin
imumoffering
amountsatis
fied
Fundsmustbe
depositedwith
escroweeau
thorizedto
transactbusi
nessinthe
stateuntilmin
imumoffering
amountsatis
fied
Fundsmustbe
depositedwith
escroweeau
thorizedto
transactbusi
nessinthe
stateuntilmin
imumoffering
amountsatis
fied
Notspecifically
required
Notspecifically
required;pro
videdhowever,
issuermustseg
regateoffering
fundsinsepa
rateaccount
untilminimum
offering
amountsatis
fied

Notspecifically
required
Fundsmustbe
depositedwith
escroweelo
catedinthe
stateuntilmin
imumoffering
amountsatis
fied
Fundsmustbe
depositedwith
escroweeau
thorizedto
transactbusi
nessinthe
stateuntilmin
imumoffering
amountsatis
fied
Notspecifically
required
Fundsmustbe
depositedwith
escroweechar
teredinthe
stateuntilmin
imumoffering
amountsatis
fied
AnnualInvest
ment/SaleLimi
tations(perIs
suertoanInves
tor)perissue
annualinvestor
limits
Limitedto
$5,000perin
vestor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Silentonper
Issuerinvest
mentlimita
tions
Limitedto
$10,000per
investor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedtoless
erof$2,500per
investoror10%
oftheinvestors
networth(ex
cludinghome,
autoandfur
nishings),un
lessinvestor
Limitedto
$5,000perin
vestor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedto
$1,000perin
vestor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedto
$5,000perin
vestor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedto$100
perinves
tor/perissuer,
unlessinvestor
qualifiesasan
Accreditedin
vestorunder
Rule501of
RegulationD
Limitedto
$10,000per
investor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedto
$10,000per
investor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionD
Limitedto:

thegreaterof
$2,000or5%of
theinvestors
incomeornet
worth,IFthe
investorsin
comeornet
Limitedto
$10,000per
investor,unless
investorquali
fiesasanAc
creditedinves
torunderRule
501ofRegula
tionDoraCer

PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShawLLP.

STATE

ALABAMA COLORADO GEORGIA IDAHO INDIANA KANSAS MAINE MARYLAND MICHIGAN TENNESSEE WASHINGTON WISCONSIN
qualifiesasan
Accreditedin
vestorunder
Rule501of
RegulationD
worthisless
than$100,000;

OR

10%ofthe
investorsin
comeornet
worthupto
$100,000,IFthe
investorsin
comeornet
worthisgreater
than$100,000

tifiedInvestor
underWis.Stat.
551.102(4m)
Requireddisclo
suretoinvestors
(seeNote3be
low)

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Identifying
information
aboutevery
officeranddi
rectorofthe
issuer
Amountof
authorizedand
issuedsecuri
tiesoftheissu
er
Identification
ofsolicitorsand
intermediaries,
alongwith
compensation
Anyotherin
Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Financialcon
dition(incl.Fi
nancialstate
mentscertified
byIssuerexecu
tiveandpre
paredinac
cordancewith
GAAP)
Targetamount
anddeadline
Valuation
Currentcapi
talizationofthe
issuer
Anyotherin
formationma
Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Targetamount
anddeadline
Identification
ofsolicitorsand
intermediaries,
alongwith
compensation
Currentlitiga
tionorlegal
proceedings
Anyotherin
formationma
terialtothe
offering
Anyotherin
formationma
terialtothe
Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Financialcon
dition(incl.Fi
nancialstate
mentscertified
byIssuerexecu
tive,reviewed
byCPA,orau
ditedbyCPAfor
raisesofless
than$100,000,
between
$100,000and
$500,000,and
greaterthan
$500,000,re
spectively)
Targetamount
Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Targetamount
anddeadline
Identification
ofsolicitorsand
intermediaries,
alongwith
compensation
Currentlitiga
tionorlegal
proceedings
Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Identification
ofsolicitorsand
intermediaries
Bankinfor
mationforbank
thatwillhold
proceedsfrom
thesaleofthe
security

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Currentlitiga
tionorlegal
proceedings
Anyotherin
formationma
terialtothe
offering

Identifying
information
about,andde
scriptionof,the
Issuer
Restrictionon
transfer
Intendeduse
ofproceeds
Riskstopur
chasers
Restrictionon
transfer
TermsofSecu
rities

AND

Identification
ofsolicitorsand
intermediaries,
alongwith
compensation
Currentlitiga
tionorlegal
proceedings
Anyotherin
formationma
terialtothe
offering

PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShawLLP.

STATE

ALABAMA COLORADO GEORGIA IDAHO INDIANA KANSAS MAINE MARYLAND MICHIGAN TENNESSEE WASHINGTON WISCONSIN
formationma
terialtothe
offering

terialtothe
offering

offering

anddeadline
Valuation
Currentcapi
talizationofthe
issuer
Anyotherin
formationma
terialtothe
offering

Restrictionson
advertisingand
communications
Generalsolici
tationpermit
tedafterfiling
FormCF1
Generalsolici
tationpermit
tedafterfiling
FormRL
Generalsolici
tationpermit
tedafterfiling
FormGA1
Silent Publiccommu
nicationre
strictedtoIn
ternetsite

Generalsolici
tationpermit
tedafterfiling
FormIKE
Silent Silent Generalsolici
tationpermit
tedafterfiling
withstate
Silent Silent Generalsolici
tationpermit
tedafterfiling
withstate
Ongoingreport
ingrequirements
Silent Silent Silent Silent Quarterlyre
portstoinves
torsandthe
statecovering
businessopera
tions,financial
condition,and
compensation
todirectorsand
officers

Silent Silent Silent Quarterlyre

portstoinves
torscovering
businessopera
tions,financial
condition,and
compensation
todirectorsand
officers

Silent Quarterlyre
portstoinves
torscovering
businessopera
tions,financial
condition,and
compensation
todirectorsand
officers
Quarterlyre
portstoinves
torscovering
businessopera
tions,financial
condition,and
compensation
todirectorsand
officers
Disqualification
fromexemption

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

BadActordis
qualification
(SameDefn.as
Rule506(d))

Applicablestate
securitieslaw
antifraudliabil
ity
Potentialliabili
tiesinclude8
618and86
19oftheAla
bamaSecurities
Act
Potentialliabili
tiesinclude
1153109and
1153204of
theColorado
SecuritiesAct
Potentialliabili
tiesinclude
10513,105
14and105
24oftheGeor
giaSecurities
Act
Potentialliabili
tiesinclude
3014508and
3014509of
theIdahoCode
Potentialliabili
tiesinclude
23195ofthe
IndianaUni
formSecurities
Act
Potentialliabili
tiesinclude
1712a508or
1712a509of
theKansasSe
curitiesAct
Potentialliabili
tiesincludeTi
tle3216508
orTitle32
16509ofthe
MaineRevised
Statutes
Potentialliabili
tiesinclude
11703and
11705ofthe
MarylandSecu
ritiesAct

Potentialliabili
tiesinclude
451.2508and
451.2509ofthe
MichiganUni
formSecurities
Act
Potentialliabili
tiesinclude
482122and
482123ofthe
TennesseeSe
curitiesAct

Potentialliabili
tiesinclude
21.20.400,
21.20.420,and
21.20.430of
theWashington
SecuritiesAct
Potentialliabili
tiesinclude
551.58andof
theWisconsin
SecuritiesAct

1. TheSection3(a)(11)exemptionfromfederalregistrationisgenerallyknownasthe"intrastateofferingexemption."SECRule147providesasafeharborfromfederalregulationforissuersrelyingontheSection3(a)(11)intrastateofferingex
emption.Toqualifyforthisexemption,thecompanymust:(1)beorganizedinthestatewhereitisofferingthesecurities;(2)carryoutasignificantamountofitsbusinessinthatstate;and(3)makeoffersandsalesonlytoresidentsofthat
state.Forinstance,acorporationorganizedunderthelawsofDelawareanddoesbusinessinGeorgiawouldnotqualifyfortheexemption.Additionally,issuersengagingingeneralsolicitationundertheexemptionsmusttakecarethatthey
donotmakeoffersofsecuritiesoutsidethestate.

2. TheSEChasrecentlyprovidedguidanceoncompliancewithuseoftheinternetforintrastateofferings.SeeSECSecuritiesActComplianceandDisclosureInterpretations("CD&Is")questions141.03,141.04,141.05,
http://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm.Ofnote,anyonlinesolicitation,whetherdonebytheissuerorthirdpartyinvestmentplatform,mustberestrictedtointrastateofferees

3. Someidentifieddisclosuresmayrepresentbestpracticesuggestionsratherthanstatutorilyrequireddisclosures.