{
  "slug": "regulation-d",
  "name": "Regulation D under the Securities Act of 1933",
  "short_name": "Reg D",
  "aliases": [
    "Regulation D",
    "Rule 506"
  ],
  "jurisdiction": "US",
  "regulator": "SEC",
  "kind": "regulation",
  "effective_date": "1982-04-15",
  "summary": "SEC safe harbors under which issuers can offer and sell securities without full registration. Hedge funds typically rely on Rule 506(b) (no general solicitation; up to 35 non-accredited investors) or 506(c) (general solicitation permitted; only verified accredited investors).",
  "scope": "Private offerings of securities by U.S. issuers and certain foreign issuers.",
  "key_provisions": [
    {
      "section": "Rule 504",
      "title": "Up to $10M offerings",
      "summary": "Limited offerings up to $10M in 12 months, with bad-actor restrictions."
    },
    {
      "section": "Rule 506(b)",
      "title": "Unlimited size, no general solicitation",
      "summary": "Unlimited capital, up to 35 non-accredited (sophisticated) investors plus unlimited accrediteds; no advertising."
    },
    {
      "section": "Rule 506(c)",
      "title": "Unlimited size, general solicitation permitted",
      "summary": "Unlimited capital, accredited-only, but issuer must take reasonable steps to verify accredited status (third-party verification typical)."
    }
  ],
  "thresholds": [
    {
      "name": "Rule 504 maximum offering",
      "value": 10000000,
      "currency": "USD"
    },
    {
      "name": "Rule 506(b) max non-accredited investors",
      "value": 35,
      "unit": "investors"
    }
  ],
  "applies_to": [
    "private fund managers",
    "private placement issuers"
  ],
  "filing_requirements": [
    {
      "form": "Form D",
      "frequency": "within 15 days of first sale",
      "filer": "issuer",
      "trigger": "First sale under Reg D"
    }
  ],
  "related_regulations": [
    "securities-act-1933",
    "investment-advisers-act-1940",
    "investment-company-act-1940"
  ],
  "related_terms": [
    "accredited-investor",
    "form-d",
    "private-placement",
    "general-solicitation"
  ],
  "official_text_url": "https://www.ecfr.gov/current/title-17/chapter-II/part-230#sp17.3.230.e",
  "history": "Adopted by the SEC in 1982 to consolidate prior private-offering exemptions. Materially amended in 2013 (JOBS Act 506(c) general solicitation), 2017 (state preemption clarifications), and 2020 (verification reforms)."
}