The US Securities and Exchange Commission has voted to amend a set of rules to simplify and improve the “overly complex” procedures for offering exempt securities.

According to a November 2 announcement from the SEC, the proposed changes target “harmonize, simplify and improve” the existing “overly complex” framework to make it easier for companies to make offers that still protect investors.

“For many small and medium-sized businesses, our exempt offer framework is the only viable channel to raise capital,” said SEC Chairman Jay Clayton. “These companies and their potential investors must have a system of several different requirements. While each part of this patchwork system makes some sense in and of itself, there is a lot of room for improvement collectively.”

This story is under development and will be updated.

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