The Securities and Exchange Commission proposed comprehensive changes to the ability of companies to issue securities pursuant to exemptions from registration.The proposed amendments principally would raise offering limits for various types of exemptive offerings and authorize issuers to use a generic solicitation of interest to “test the waters” to determine which exemption to use. Generally, securities offerings to or from the United States must be registered or lawfully exempt from registration. There are many different types of potential exemptive offerings. The SEC’s proposed changes are in response to a solicitation of comments to a private offering harmonization concept release issued during June 2019. (Click here for background in the article “SEC Seeks Comments on Private Offering Harmonization Initiative” in the June 23, 2019 edition of Bridging the Week.) Comments on the SEC’s current proposed rule amendments will be accepted for 60 days following their publication in the Federal Register.