Self-Paced Online Course

IPO & Securities Regulation

What every founder must know before raising money from U.S. investors — the IPO process, the SEC rules that govern it, and the exemptions that let startups raise capital without going public.

  • Self-Paced
  • 15 Study Hours
  • 13 Sections
  • Certificate of Completion
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Course Introduction

About This Course

The rules behind raising public capital

In the United States, the sale of shares and other securities to the public is highly regulated. Anyone raising finance from U.S. investors needs a clear grasp of which activities and investment structures the Securities and Exchange Commission (SEC) and other regulators will tolerate. This course gives you a working understanding of the IPO process, the primary regulatory controls in the United States, and the real costs and benefits of going public for a startup entrepreneur.

It also covers the exemptions that let startups and smaller companies raise capital without the full burden of registration — Regulation "D," crowdfunding, and other modified procedures — alongside the obligations that come with being public: the quiet period, the disclosure of material information, and the liabilities, including insider trading, that founders and investors must avoid.

Key aspects of U.S. securities regulation are mirrored in most countries, so the principles covered here apply when raising finance in many parts of the world, not just the United States.

A certificate of completion is awarded when you successfully complete the course.

Learning Objectives & Outcomes

What you'll be able to do

  • ✓Describe how the sale of shares, bonds and other securities is regulated under rules administered by the Securities and Exchange Commission (SEC) in the U.S.
  • ✓Explain the role and authority of the SEC, and how brokers, dealers and exchanges function within the regulated securities market.
  • ✓Appreciate when and how the sale of securities must be registered with the SEC, and identify the point at which a company must begin filing reports and conforming with Sarbanes-Oxley requirements.
  • ✓Identify the steps in the process of registering a company with the SEC and selling shares in a U.S. initial public offering (IPO).
  • ✓Weigh the costs and benefits of going public, so you can judge whether — and when — an IPO is the right exit for your venture.
  • ✓Appreciate how startups and smaller companies qualify for exemptions that avoid the burden of full SEC registration when raising finance from venture and other accredited investors.
  • ✓Apply the Regulation "D" exemption and other modified registration procedures to raise capital lawfully without a full public offering.
  • ✓Explain how equity crowdfunding works as a route to finance, and the limits regulators place on it.
  • ✓Recognize the restrictions of the "quiet period" surrounding an IPO, and why they matter to founders and their teams.
  • ✓Understand a public company's ongoing duty to disclose material information, and the consequences of getting disclosure wrong.
  • ✓Identify insider trading and other securities liabilities, and the conduct that exposes founders, officers and investors to them.
  • ✓Compare the alternative exits available to founders and investors in startup ventures, and how securities rules shape each one.

Course Sections

Thirteen sections, in sequence

  1. 01Securities: The Basics
  2. 02The U.S. Securities & Exchange Commission (SEC)
  3. 03Brokers, Dealers & Exchanges
  4. 04IPO & Registration
  5. 05Selling Securities Using Modified SEC Registration Procedures
  6. 06Exemptions from Registration
  7. 07The Regulation "D" Exemption
  8. 08Crowdfunding
  9. 09Regulations Applied to Startup Ventures
  10. 10The Quiet Period
  11. 11Public Disclosure of Material Information
  12. 12Insider Trading & Other Securities Liabilities
  13. 13Alternative Exits for Founders & Investors in Startup Ventures

Goes Well With

Round out the fundraising and exit toolkit

Securities regulation governs how you raise money and how you exit — but the decisions around those events draw on several disciplines. These SVBS courses sit naturally alongside this one:

Sherpa, the SVBS AI startup guide — a husky wearing glasses

Sherpa · Your AI Startup Guide

Take the journey for real, with Sherpa

An IPO is the summit of the long climb, and securities rules shape every funding round and exit along the way. Sherpa turns what you learn here into your route. As your AI guide, Sherpa helps you target your destination, plot your milestones, and track your momentum stage by stage, drawing on the same "Zero to IPO" methodology behind this course to keep you climbing toward your summit.

Sherpa is included with the Entrepreneur subscription ($50/month), which adds startup guidance and the Milestone Progress tracker on top of the full course library.

Get Sherpa →

Ready When You Are

Start the IPO & Securities Regulation course today

Self-paced, 15 study hours, included with your SVBS subscription alongside the full course library and Prof, your AI course tutor — and you earn a certificate of completion when you finish.

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Certificate of completion included · Cancel anytime · Instant access

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