Readers of this blog are familiar with the recent regulatory changes that have created new possibilities for non-registered capital raises in the U.S.: general solicitations in Regulation D offerings, Regulation A+, crowdfunding, and to a lesser extent, new Section 4(a)(7) under the 1933 Act. Many applaud the additional flexibility provided by these changes. At the… Continue Reading
Today, the House Financial Services Committee voted 53-4 in favor of HR 3868 sponsored by Congressman Mulvaney (see text: https://www.govtrack.us/congress/bills/114/hr3868/text). Among other things, the bill would make needed changes to the Securities Act that would bring the offering related and communications related provisions of the Act into parity for BDCs.
FINRA’s sweeping overhaul of its rules governing communications with the public become effective today. The new rules and guidance, which the SEC approved last year, are likely to keep compliance officers busy for quite some time. The revisions simplify some rules, but also create new compliance challenges. Most significant, FINRA reduced the number of categories… Continue Reading