In remarks to the Small Business Capital Formation Advisory Committee, U.S. Securities and Exchange Commission Commissioner Mark T. Uyeda highlighted recent staff publications aimed at improving clarity and predictability for small business capital raising, including the Office of the Advocate for Small Business Capital Formation’s 2025 staff report and new Division of Corporation Finance guidance across Regulation D, Regulation Crowdfunding, and Regulation A. The update highlighted newly issued frequently asked questions on Form D that consolidate existing guidance into a single reference point, as well as new compliance and disclosure interpretations (C&DIs). Examples included clarifying that issuers relying on Rule 506(c) can use different accredited investor verification methods for different purchasers in the same offering, updating integration guidance to reflect Rule 152 adopted in 2021, formalizing staff views on switching crowdfunding platforms before making a sale, and confirming that certain filing and review accommodations used for registered companies also apply to Regulation A issuers. The staff also addressed recurring Regulation A questions, including that issuers cannot accept money or other consideration before qualification. Looking ahead to the Committee’s agenda, Uyeda welcomed continued work on “finders,” arguing that a regulatory solution is overdue and should be tailored to the limited role of intermediaries that provide introductory services, with any core requirements likely representing only a small subset of full broker-dealer regulation.
U.S. Securities & Exchange Commission 2026-02-24
U.S. Securities and Exchange Commission Commissioner Uyeda highlights new Form D FAQs and updated staff interpretations and urges tailored rules for finders
SEC Commissioner Mark T. Uyeda addressed the Small Business Capital Formation Advisory Committee, highlighting recent staff publications to clarify small business capital raising. Updates include new guidance on Regulation D, Regulation Crowdfunding, and Regulation A, plus FAQs on Form D and compliance and disclosure interpretations. Uyeda also advocated for a tailored regulatory solution for "finders" to reflect their limited intermediary role.