Regulation A+ Offerings for Tokens:What is the SEC Waiting For?

by Wilson Sonsini Goodrich & Rosati

In a recent article, we discussed why the Securities and Exchange Commission (“SEC”) and its staff (the “Staff”) continue to think most cryptocurrencies and other crypto assets (“tokens”) are securities at the time they are offered.2 If a token issuer plans to publicly offer and sell tokens that are securities, the offer and sale of those tokens generally needs to be registered (such as on a Form S-1) or qualified under Regulation A+.3 For many token issuers, a Regulation A+ offering may be the preferable choice; among other reasons, a token offering under Regulation A+ does not need to be separately approved by state securities commissions, while a registered token offering may require state-by-state approval in addition to approval from the SEC.4

To date, however, the SEC has not approved any token offerings under Regulation A+. Anecdotally, we understand that a number of Forms 1-A (the form used to qualify tokens and other securities under Regulation A+) have been filed,5 and that many of the issuers that have filed those forms have received an unusually large and daunting number of comments.  This has led some people to speculate that the SEC may not intend to approve Regulation A+ offerings for tokens.

We disagree.  Our answer to the question posed in the title of this article—“What is the SEC waiting for?”—is easy:  the SEC is waiting for the right Form 1-A. Since the SEC has not yet approved any Forms 1-A, we cannot say with certainty what needs to be in a successful Form 1-A.  We also believe that, because of the variety of uses for tokens and the variety of platforms on which tokens will be used, there will be no single, one-size-fits-all approach to drafting Forms 1-A.6

Nonetheless, there are a number of topics we can fairly confidently predict any successful Form 1-A will address.  The first thing we can confidently say is that just providing the information expressly called for on Form 1-A will not result in success. Regulation A+ and Form 1-A are specifically designed for equity and debt offerings. In fact, only issuers offering equity and debt securities (or securities convertible into equity securities) technically are permitted to use Regulation A+ and Form 1-A.7 The Staff has informally permitted token issuers to use Form 1-A, even though most tokens do not resemble either traditional equity or debt securities. (This in itself suggests that the Staff intends to approve appropriate Forms 1-A.)

Form 1-A, quite appropriately, is designed to provide investors with information about the company issuing the debt or equity securities, including information about the company that would help an investor assess the company’s financial and business prospects that might bear on the likely future value of, and risks with, an investment in that equity or debt.  This information may also be valuable to investors in a token offering, especially if the issuer will have significant ongoing responsibility for maintaining, operating, marketing, and improving the platform.

The information expressly required by Form 1-A, however, is not sufficient to provide investors with all of the information they need to make an informed investment decision about the tokens being offered. A successful Regulation A+ offering will therefore need to contain significant information not expressly required by Form 1-A.8  Among the key topics that we think generally will require significant disclosure in successful Forms 1-A are the following:

  • The Tokens: It is not enough, we think, to describe the tokens generally. The Form 1-A should describe, among other things, all the current and anticipated uses of the tokens; how and when new tokens will be issued; if applicable, how and when existing tokens will be repurchased, and whether repurchased tokens will be resold or “burned” (or destroyed); any governance rights the token holders have; any governance rights affecting the token holders or the platform that can be exercised by third parties (such as a related foundation or the issuer’s board of directors); when and under what circumstances the tokens can be modified; and whether the tokens create any legal obligations on the part of the issuer, such as to pay interest, dividends or other amounts to token holders.
  • The Platform: The Form 1-A should describe the platform in detail, including what the platform will do; how users will create accounts and transact business on the platform; who can modify the platform and how; what third-parties can or must interact with the platform to make it function correctly (e.g., miners), and how those third parties will be compensated; and planned or reasonably anticipated upgrades to the platform. As part of the approval process for the Form 1-A, a token issuer should be prepared to show the Staff a working version of the platform, or at least a detailed mockup of how the platform will operate.
  • The Token Issuer: In addition to the information expressly required by Form 1-A about the token issuer, the Form 1-A also should discuss issues such as how the token issuer will interact with and (if applicable) profit from the platform and the tokens; whether, how and to what extent the token issuer will continue to support the platform and the tokens; the token issuer’s business plan and financial capacity to support development of the platform; and whether and when the token issuer and its employees and affiliates will sell additional tokens.  We also expect there to be unique accounting considerations for token issuers, including considerations related to the correct treatment of prior token sales and of current token holdings, which will need to be resolved with the issuer’s accountants and appropriately disclosed in notes to the financial statements and in management’s discussion and analysis of the issuer’s financial condition.
  • Service Providers: The Form 1-A should describe in detail the role of and compensation to service providers, such as foundations, miners and “oracles,” or others providing data relied on by the platform.
  • Distribution Issues: There are a number of issues governing how sales of the tokens offered under Regulation A+ will be made, including how the offering circular (i.e., the part of the Form 1-A delivered to investors) will be distributed to purchasers and prospective purchasers; how the issuer and the issuer’s employees will avoid being treated as broker-dealers if they are involved in the distribution; and how the tokens will be valued (see more on this below). These and similar issues should be disclosed in the Form 1-A.
  • Valuation of Tokens: We understand that there is no commonly agreed upon method for valuing tokens.  Nonetheless, token pricing may be based on factors that are not typical for other types of offerings.  For example, the value of tokens may be affected by the pricing of, supply of, and demand for goods and services sold on a platform, and by expectations of future commercial usage of the platform and the resulting expected demand for tokens.  A token issuer may set the price of tokens in a Regulation A+ offering based on these or similar factors, and on the price (if any) the issuer sold tokens for in earlier private sales of tokens.  Certain token issuers may also use third-party valuation firms to help inform the pricing of tokens.  As discussed earlier, a token issuer should discuss these types of valuation issues, as relevant, in the Form 1-A.
  • Valuation of Non-Cash Compensation Received for Tokens:  Some token issuers may use a Regulation A+ offering to distribute tokens through reward, air-drop, or similar programs, or in return for services related to the development or operation of the token platform, rather than selling the tokens for cash.  These types of programs should be disclosed in the Form 1-A, and for tokens sold for non-cash compensation, the Form 1-A should discuss how the services or other non-cash compensation will be valued.
  • Liquidity Issues: The Form 1-A should discuss how users generally can acquire tokens, such as on an exchange or alternative trading system (if and when the SEC authorizes one or more of them), from continuing offers by the issuer, or from other sources.  The Form 1-A also should discuss how holders of tokens who do not wish to use them for commercial purposes can sell the tokens, such as on an exchange or alternative trading system, by tendering the tokens back to the issuer or an affiliate, or in some other manner.
  • Regulatory Issues: Blockchain platforms and token trading may present various regulatory issues, such as whether the platform is itself functioning as an exchange or alternative trading system that must register with the SEC; whether the issuer or certain service providers are acting as brokers, dealers, transfer agents (entities that record trades and ownership of securities), or clearing agencies (entities that act as intermediaries in making payments or deliveries in connection with securities transactions); and whether certain trading rules may be implicated by the way tokens are offered and sold, including trading rules generally prohibiting an issuer from simultaneously selling and purchasing its securities.  Whether these and other regulations (including regulations administered by financial regulators other than the SEC) apply depends upon the specific uses of the tokens and the actual activities performed by or through the platform. The Form 1-A should discuss, as appropriate, any material risks associated with these types of regulatory issues, and any significant limitations of activities or services that may be performed on or provided through the platform as a result of these types of regulatory issues.
  • Securities Law Compliance of Prior Token Offerings: Many token issuers will have offered tokens or agreements to deliver tokens (often referred to as a Simple Agreement for Future Tokens, or SAFT) prior to offering tokens pursuant to Regulation A+.  If those offers and sales were not made in full compliance with an applicable registration exemption, such as Regulation D or Regulation S, the token issuer should consider the need to discuss in the Form 1-A any steps it has taken to remedy the deficiencies.  These deficiencies may include, for example, impermissible sales to non-accredited investors, sales of tokens with no appropriate resale restrictions, or sales of tokens with inadequate disclosure that may give rise to potential future liability from early token purchasers.
  • Decentralization, Forking and Similar Considerations: Many token issuers intend for the operation of the token platform, over time, to become sufficiently “decentralized” so that the token issuer no longer will have meaningful control over their development. In addition, the coding of many tokens permits third parties unrelated to the token issuer to modify, or “fork”, the tokens (or the underlying blockchain) so that forked tokens may have significantly different properties or uses from those developed by the token issuer (in some cases, forks may need to be approved by a specified percentage of token holders or others to take effect). Once a token platform has become sufficiently decentralized or once a significant token fork has occurred, the token issuer may no longer have any significant involvement with the tokens or the platform, the token issuer may no longer sell the tokens under Regulation A+, and the token issuer may seek to stop making periodic reports under Regulation A+. The offering circular should describe these circumstances and the corresponding risks to token holders.
  • Risk Factors: The Form 1-A should include tailored risk factors, such as risk factors that focus on the specific and unique risks posed by the particular tokens and platform, any risks associated with the token issuer and others and their continuing relationship (or potential lack of relationship) with the platform, and specific business or regulatory constraints that could impede the development of the platform or the use and distribution of the tokens.

Preparation of a Form 1-A that is likely to be successfully declared effective is not a quick or inexpensive undertaking.  The amount of work involved is likely at least comparable to the amount of work involved in an initial public offering.  To some people familiar with Regulation A+, that sounds strange:  Regulation A+, after all, was intended to be a streamlined and relatively inexpensive method for early stage issuers to publicly offer and sell their securities.  The important point here, and the point that we hope we have made in this article, is that while we anticipate the SEC and its Staff will permit token issuers to use Regulation A+ and Form 1-A as a vehicle through which they can publicly offer and sell tokens, that vehicle requires significant—and costly—modifications to work for a token offering.

2 Robert Rosenblum et al., The SEC Thinks Most Tokens Are Securities, For Now, Law360 (Aug. 10, 2018),
3 Section 401 of the Jumpstart Our Business Startups Act (“JOBS Act”), Pub. L. No. 112-106, 126 Stat. 306 (Apr. 5, 2012), added Section 3(b)(2) to the Securities Act of 1933 (“Securities Act”).  Section 3(b)(2) directed the SEC to adopt rules adding a class of securities exempt from the registration requirements of the Securities Act for offerings of up to $50 million within a twelve-month period.  The SEC adopted these rules as amendments to Regulation A, and these new rules often are referred to as “Regulation A+.”  Amendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A), Securities Act Rel. No. 33-9741 (Mar. 25, 2015), 80 Fed. Reg. 21806 (Apr. 20, 2015).
4 Under Section 18(a) of the Securities Act, “covered securities” are not subject to state registration or qualification requirements.  Securities (including tokens) sold pursuant to Regulation A+ are covered securities.  See Section 18(b)(4)(D)(ii) (securities sold pursuant to a Regulation A+ offering to “qualified purchasers” are covered securities), and Section 18(b)(3) and Rule 256 of Regulation A (people and entities who are authorized to purchase securities in a Regulation A+ offering are qualified purchasers).  In contrast, registered securities that (among other things) are not publicly traded on a securities exchange are not covered securities.  See Section 18(b)(1) of the Securities Act.  As a result, registered tokens will not be covered securities at least until a token exchange (or, perhaps, a token alternative trading system) is authorized by the SEC.
5 Since most Regulation A+ filings are made confidentially, we generally do not yet have any way of reviewing the Regulation A+ filings that have been made.
6 As just one example, we think the disclosure describing a new blockchain and the so-called “protocol layer” tokens for that blockchain (i.e., tokens that can be used as currency on that blockchain and that can be programmed for specific uses for new applications built on that blockchain) would look very different from the disclosure describing a platform and tokens for a blockchain-enabled baseball trading-card system.
7See Rule 261(c) of Regulation A.
8 An overarching requirement for any disclosure document is that it must contain all material information, including material information that, if omitted, would make other statements in the disclosure document false, incomplete or misleading.  See Rule 252(a) under Regulation A (“The offering statement consists of the contents required by Form 1-A...and any other material information necessary to make the required statements, in light of the circumstances under which they are made, not misleading”); Rule 408(a) under the Securities Act (“In addition to the information expressly required to be included in a registration statement, there shall be included such further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which they are made, not misleading”); and Rule 10b-5 under the Securities Exchange Act of 1934 (prohibiting material misrepresentations and omissions in connection with the purchase or sale of any security).  See also Chadbourne & Parke LLP v. Troice, 571 U.S. 377 (2014) (Rule 10b-5 “forbids the use of any ‘device, scheme, or artifice to defraud (including the making of ‘any untrue statement of material fact or any similar [omission]) in connection with the purchase or sale of any security’”) (alterations in original; emphasis added).


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Wilson Sonsini Goodrich & Rosati | Attorney Advertising

Written by:

Wilson Sonsini Goodrich & Rosati

Wilson Sonsini Goodrich & Rosati on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.