Document Type


Publication Date

Summer 2017


After 37 years in existence,1 the Rule 505 exemption from registration has been repealed, effective May 22, 2017. This essay reviews the evolution of Rule 505 over its lifetime; examines Rule 505’s role within Regulation D and analyzes why that role eventually became obsolete; and argues that Rule 505 leaves behind a legacy that should continue to inform policy discussions about exemptions from registration.