The U.S. Securities and Exchange Commission took three significant actions on July 10, 2013:
1. The SEC approved final rules implementing the Congressional mandate under the Jumpstart Our Business Startups Act (the “JOBS Act”) to lift the ban on general solicitation and advertising in private securities offerings made in reliance on Rule 506 or Rule 144A of the Securities Act; and
2. The SEC approved final rules disqualifying so-called “bad actors” from Regulation D securities offerings, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
These final rules will be effective 60 days after they are published in the Federal Register.
Click here to read more about the final and proposed rules.