# What is the difference between Rule 506(b) and Rule 506(c)?

Canonical: https://sec-api.dev/questions/rule-506b-vs-506c

> Rule 506(b) bans general solicitation and allows up to 35 non-accredited but sophisticated purchasers; Rule 506(c) allows general solicitation but every purchaser must be an accredited investor whose status the issuer verifies. In Q2 2026 and Q3 2026 Form D data, 87.0% of notices claimed 506(b) and 12.3% claimed 506(c).

Both exemptions require a Form D notice. The claimed exemption is in Item 6 of the form and in the FEDERALEXEMPTIONS_ITEMS_LIST column of the SEC data set.

- [Form D statistics](https://sec-api.dev/form-d)

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