Note, however, that the securities laws of applicable . jurisdictions, which are beyond the scope of this article, must be complied with. Although Regulation S provides a complex hierarchy of offering types and the corresponding requirements for each, the basic principle is that there must be no “directed selling efforts” in (toward) the United States. “Directed selling efforts” include any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the securities being offered in reliance on Regulation S. With respect to funds that are raising money both in the.
