An exempt offering or transaction is a type of securities transaction where an SPV does not need to file registrations with any regulatory bodies. An exempt offering is a securities exchange that would otherwise have to register with the Securities and Exchange Commission (SEC) but does not because of the nature of the transaction in question. A private placement or Reg D offering is a type of exempt offering in which the securities are not offered to the public, but are instead sold privately to an accredited investor. An SPV is typically considered an exempt offering. Consult legal counsel.
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