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As we previously reported, the JOBS Act, adopted by Congress in
April, required the Securities and Exchange Commission to publish
rules by July 4, 2012, that would lift the prohibition on general
solicitation and advertising in Regulation D offerings when sold
only to accredited investors.
On Thursday, June 28, 2012, SEC chairman Mary Schapiro testified
before a U.S. House Subcommittee that the SEC will miss that
deadline.
Chairman Schapiro said in her published statement that the time
limits imposed by the JOBS Act are "not achievable. Here, the
90 day deadline does not provide a realistic time frame for the
drafting of the new rules, the preparation of an accompanying
economic analysis, the proper review by the Commission, and an
opportunity for public input." She said that the SEC staff,
which has formed several committees to address the JOBS Act
mandates, has made "significant progress on a recommendation
and economic analysis," and she expressed the belief that the
Commission would "be in a position to act on a staff proposal
in the very near future."
On Monday, July 2, 2012, the SEC published a Sunshine Act notice
announcing that on August 22, 2012, it will hold
an open meeting to consider rules to eliminate the prohibition
against general solicitation and advertising in securities
offerings conducted under Regulation D, Rule 506, and Rule 144A, as
mandated by the JOBS Act.
For a text version of Ms. Schapiro's written statement,
please click here.
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