Following this morning’s meeting, the Commission has published its proposed rules: http://www.sec.gov/rules/proposed/2012/33-9354.pdf Summary The SEC published its guidance today as a proposed rule, with a comment period, and not as an interim final rule. The SEC proposes to amend Rule 506 to provide that the prohibition against general solicitation contained in Rule 502(c) shall not… Continue Reading
Tag Archives: Rule 144A
SEC Proposes Rules to Relax the Ban on General Solicitation: First Take
Posted in Rule 506 RulemakingAt a meeting this morning, the SEC voted to propose rules relaxing the ban on general solicitation for certain offerings conducted pursuant to Rule 506 and resales under Rule 144A. In a meeting that lasted approximately 45 minutes, the Staff outlined the principal aspects of the proposed rules. The Staff indicated that it was proposing… Continue Reading
SEC Postpones Consideration of Title II Rule Changes
Posted in Rule 506 RulemakingToday, the SEC removed from the August 22nd Open Meeting agenda the consideration of rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the JOBS… Continue Reading
The JOBS Act and Private Funds
Posted in Rule 506 RulemakingSection 201(a)(1) of the JOBS Act directs the SEC to repeal the ban on general solicitation and general advertising in securities offerings under Rule 506 of Regulation D and Rule 144A. Can advertisements for hedge funds in Cigar Aficionado and The Wine Spectator be far behind? Not so fast. The SEC has missed its July 4 deadline… Continue Reading