On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a concept release requesting public comment on ways to simplify, harmonize and improve the exempt offering process to expand investment opportunities while maintaining investor protections.   The full text of the SEC concept release is here.

The concept release could potentially include modifications to Rule 144A and Regulation S, but the SEC stated that it intends to “focus [the] concept release on other commonly used safe harbors and exemptions”.