The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government.

Incorporate finance, pecking order theory (or pecking order model) postulates that the cost of financing increases with asymmetric information.

The commencement date of private offerings is fixed generally at the date of the availability of the approved offering documents, for distribution to sales personnel.

The specific requirements to be satisfied in establishing an exemption under Section 4(2) for a private placement are not stated in that section of the Securities Act of 1933.