Authoritative intelligence on Regulation D, Blue Sky, and the regulatory perimeter of private placements
Illinois occupies a distinctive position in the Reg D landscape. Where California operates through the DFPI’s Corporate Securities Law of 1968, New York through the Martin Act and the Office of the Attorney General, and Texas through the State Securities Board, Illinois regulates securities through the Securities Department of the Office of the Secretary of State—a constitutionally elected officer rather than a governor’s appointee. That structural feature has consequences. The current Secretary of State, Alexi Giannoulias, campaigned on a platform of strengthening the Securities Department, and the institutional reset that followed his 2023 inauguration is now visible in enforcement output.
