翻了一通SEC的网站，却死活没有发现regulation D下的rule 505。
学的美国CPA教材，感觉在逗我。
SEC网站表明：
rule 505的确已经死绝.
https://www.sec.gov/news/pressrelease/2016-226.html
To facilitate capital formation through regional offerings, the final rules amend Rule 504 of Regulation D under the Securities Act to increase the aggregate amount of securities that may be offered and sold from $1 million to $5 million.
In light of the changes to Rule 504, the final rules repeal Rule 505 of Regulation D.
https://www.sec.gov/smallbusiness/exemptofferings/faq#faq2
其实非公开发行的证券，涉及的见图片的法规
https://www.sec.gov/smallbusiness/exemptofferings
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