Actionable intelligence on Regulation D and the regulatory perimeter of private placements
Pennsylvania operates the second-largest registered population in the twelve state editions of this publication’s series. The Department of Banking and Securities (DoBS) registers approximately 200,000 broker-dealers, broker-dealer agents, investment advisers, investment adviser representatives, and notice filers conducting securities-related business in the Commonwealth—second only to New York’s combined registrant population. Among the twelve state editions, only Pennsylvania and Wisconsin trace their securities authority to a multi-purpose financial-services agency formed by legislative consolidation: the 2012 merger of the former Securities Commission with the former Department of Banking produced the modern DoBS, paralleling Wisconsin’s 1995 DFI consolidation. Both consolidations produced regulators with broader institutional reach than stand-alone securities agencies but with comparable substantive doctrine.
