Is Form D Afflicted With Mission Creep?


In 1981, the Securities and Exchange Commission proposed the adoption of a new form in connection with the adoption of Regulation D. Release No. 33-6339 (Aug. 7, 1981) [46 FR 41791]. The following year the SEC adopted both Regulation D and the new form, which it christened “Form D”. Release No. 33 6389 (Mar. 8, 1982) [47 FR 11251] (adopting Form D as a replacement for Forms 4(6), 146, 240 and 242). In proposing Form D, the SEC said that Form D was intended to serve a data collection purpose:

“An important purpose of the notice . . . is to collect empirical data which will provide a basis for further action by the Commission either in terms of amending existing rules and regulations or proposing new ones . . . . Further, the proposed Form would allow the Commission to elicit information necessary in assessing the effectiveness of Regulation D as a capital raising device for small businesses.”

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