53 Jurisdictions, One Intelligence System: How EDGAR-INSIDER® Covers Every Reg D Filing

Private capital does not respect state lines. A Reg D offering can be made by an issuer in Texas to investors in New York, Florida, and California — with notice filing obligations in each state where investors reside. The federal Form D tells the SEC what happened. The state-level picture tells practitioners what it means.

EDGAR-INSIDER® was built on a simple premise: complete Reg D intelligence requires complete jurisdictional coverage. That is why we publish 53 dedicated Reg D Intelligence Services — one for each of the 50 states, the District of Columbia, Puerto Rico, and the Federal parent edition that synthesizes national trends.

Here is how the system is structured, and why the architecture matters for practitioners who advise on private placements.

The Architecture: Three Layers of Coverage

The EDGAR-INSIDER® family of Reg D Intelligence Services is organized around three layers of coverage, each serving a distinct analytical purpose.

Layer One: The 50 State Editions

Each of the 50 state editions tracks Reg D filing activity within that state — both offerings made by issuers based in the state and offerings made to investors residing there. The state editions provide:

• Filing volume and trend analysis — Is Reg D activity in this state increasing, decreasing, or stable? What industries are driving the trend?
• Issuer profiles — Who is raising capital under Reg D in this state? What are the typical offering sizes, investor counts, and industry concentrations?
• Rule breakdown — What proportion of offerings rely on Rule 504, Rule 506(b), or Rule 506(c)? How has that mix shifted over time?
• Practitioner Action Memos — Practitioner-ready analysis translating the data into guidance relevant to the state's regulatory environment.

No two state editions are identical. California's Reg D landscape looks nothing like Wyoming's. New York's enforcement environment differs fundamentally from South Dakota's. The state editions are designed to reflect those differences — not to apply a generic national template to fifty different jurisdictions.

Layer Two: DC and Puerto Rico

The District of Columbia and Puerto Rico each have their own securities regulatory frameworks and their own Reg D filing patterns. Both jurisdictions are covered by dedicated EDGAR-INSIDER® editions, applying the same analytical framework as the state editions.

For practitioners advising clients with investments or operations in DC or Puerto Rico, these editions provide the same jurisdictional specificity as the state editions — without the need to extrapolate from national data.

Layer Three: Reg D Intelligence–Federal

The Federal parent edition is the synthesis layer. It aggregates national Reg D filing trends, tracks rule interpretation developments at the SEC, monitors enforcement signals from the Commission and FINRA, and provides the macro-level context that gives meaning to the state-level data.

Practitioners who subscribe to state editions use the Federal edition to understand how their state's Reg D landscape fits into the national picture. Practitioners who need only the national view use the Federal edition as a standalone intelligence source.

Together, the three layers form a complete intelligence system — one that can be accessed at the level of granularity each practitioner's practice requires.

Why 53 Editions Instead of One National Service

The obvious question: why publish 53 separate editions instead of a single comprehensive national service?

The answer is that Reg D compliance is inherently jurisdictional. The federal exemption is uniform. The state-level context is not.

Consider three dimensions where jurisdictional specificity matters:

Notice filing requirements. Most states require issuers relying on Rule 506 to file a notice with the state securities regulator within 15 days of the first sale. The specific requirements — filing fees, required documents, timing — vary by state. A practitioner advising an issuer on a multi-state offering needs to know the requirements in each state where investors reside. A single national service cannot provide that level of specificity.

Enforcement history and regulatory culture. Some state securities regulators are significantly more active than others in examining Reg D offerings, pursuing enforcement actions, and issuing investor alerts. A practitioner in a state with an aggressive securities regulator faces a different compliance environment than one in a state with a more permissive regulatory culture. That difference matters for due diligence, for compliance program design, and for client advice.

Industry concentration and issuer patterns. Reg D activity is not uniformly distributed across industries or geographies. Some states have unusually high concentrations of Reg D activity in specific sectors — real estate in Florida, oil and gas in Texas, technology in California. Understanding those patterns requires state-level data, not national averages.

The 53-edition architecture exists because the intelligence practitioners need is inherently local. National data provides context. State-level data provides the actionable intelligence.

The Practitioner Action Memo Framework

Every edition in the EDGAR-INSIDER® family includes Practitioner Action Memos — the analytical layer that transforms raw Reg D filing data into practitioner-ready guidance.

Practitioner Action Memos are written for six practitioner audiences:

1. Registered Investment Advisers advising clients who invest in private placements
2. BD Compliance Officers supervising representatives who recommend Reg D offerings
3. Family Offices allocating capital to private markets
4. Fund of Funds conducting due diligence on Reg D issuers
5. Securities Lawyers and CPAs advising issuers and investors on Reg D transactions
6. Qualified Investors making direct investment decisions in private placements

Each memo is calibrated to the analytical needs of these audiences — not to a general readership. The goal is not to summarize what happened in Reg D filings last quarter. The goal is to tell practitioners what it means for their practice, their clients, and their compliance obligations.

How Practitioners Use the System

The 53-edition architecture supports several distinct use patterns, depending on the nature of a practitioner's practice.

Single-state practitioners — An RIA whose clients are concentrated in one state typically subscribes to that state's edition plus the Federal parent edition. The state edition provides the jurisdictional context; the Federal edition provides the national backdrop.

Multi-state practitioners — A BD compliance officer supervising representatives across multiple states may subscribe to several state editions, using each to monitor the regulatory environment in the states where the firm's clients are concentrated.

National practitioners — Securities lawyers and CPAs advising issuers on multi-state Reg D offerings may use the Federal edition as their primary source, supplemented by state editions for the specific jurisdictions where a given offering will be made.

Due diligence practitioners — Family offices and fund of funds conducting due diligence on Reg D issuers often use the state edition for the issuer's home state to understand the local regulatory context, combined with the Federal edition for national trend data.

In each case, the system is designed to provide the level of jurisdictional specificity the practitioner's work requires — without forcing them to wade through national data to find the state-level intelligence they actually need.

The Intelligence Gap This System Closes

Before EDGAR-INSIDER®, practitioners who wanted state-level Reg D intelligence had two options: conduct their own research using state securities regulator websites and EDGAR data, or rely on national services that aggregated federal data without state-level context.

The first option is time-consuming and inconsistent. State securities regulator websites vary enormously in the quality and accessibility of their data. Synthesizing that data into actionable intelligence requires significant analytical resources that most practices do not have.

The second option leaves the state-level gap open. National Reg D data services provide useful macro-level context. They do not provide the jurisdictional specificity that practitioners need to advise with confidence.

EDGAR-INSIDER® closes that gap. Fifty-three jurisdictions. One intelligence system. Built for the practitioners who advise on private placements.

Explore the full EDGAR-INSIDER® Reg D Intelligence Services family and find the editions that fit your practice.