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FINRA Provides Guidance on Rules Governing Communications with the Public

The Securities and Exchange Commission approved a rule change by the Financial Industry Regulatory Authority pursuant to which National Association of Securities Dealers (NASD) Rules 2210 and 2211 and NASD Interpretive...more

We’re Still Waiting: When Will the SEC Lift the Ban on General Solicitation and Advertisements for Rule 506 and 144A Offerings?

Title II of the “Jumpstart Our Business Startups” Act (“JOBS Act”), which became law on April 5, 2012, aims to provide more flexibility for private company fundraising by eliminating the prohibition on general solicitation or...more

SEC Probe of Netflix Highlights Legal Risks of Social Media

The U.S. regulatory probe of a Facebook posting by Netflix CEO Reed Hastings is raising questions about whether the 43-word message violates a rule requiring that material information be released to all investors at the same...more

Ontario Minister Joins Crowd in Push for Crowdfunding Exemption

At the recent Technicity conference in Toronto, Brad Duguid, Ontario’s Minister of Economic Development and Innovation, expressed support for introducing equity crowdfunding in Ontario. Recognizing the need to keep...more

MoFo New York Tax Insights - Volume 3, Issue 12 - December 2012

In This Issue: Court Holds Television Programming Is Included in the Property Factor Regardless of Delivery Method; ALJ Upholds Retroactive Application of Stock Option Regulations; Petition Found Untimely Under Special...more

Crowdfunding under the JOBS Act

In This Presentation: - Crowdfunding background - Important SEC Reminder - Issuers Not Eligible to Crowdfund - Crowdfunding vs. Other Exemptions - Crowdfunding Requirements - Funding Portals - Funding...more

SEC JOBS Act Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472

On November 1, the SEC approved amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to conform to the requirements of the JOBS Act and make certain additional changes to quiet period restrictions consistent with the...more

The JOBS Act — An Overview and Some Recent Developments

Background - Earlier this year, President Obama signed the Jumpstart Our Business Startups Act (commonly known as the JOBS Act) into law. As the somewhat repetitive name implies, the JOBS Act’s ultimate goal is to spur job...more

More Comments on the General Solicitation and Advertising Rule

On August 29, 2012, the SEC issued a proposal for new Rule 506(c) under the Securities Act, which would implement the mandate of the JOBS Act to allow for the use of general solicitation and advertising in private offerings...more

JOBS Act Update - SEC Proposed Rules for "Private Offerings" with Advertising Draw Fire

Regulation D offerings are a very important part of capital formation. In recent years, annual proceeds from Regulation D private offerings have totaled almost $1 trillion, approximately equal to the proceeds from all SEC...more

Advertising and General Solicitation: Comments on Proposed Rule 506(c)

This is our second post examining some of the comment letters the SEC has received in response to proposed Rule 506(c) – we reviewed the SEC’s Investment Advisory Committee recommendations here. This post provides an...more

Investor Advisory Committee Comments on General Solicitation Rule

On October 15, the Investor Advisory Committee (IAC) established by Section 911 of the Dodd-Frank Act released its recommendations to the SEC on the proposed general solicitation rule. This is the first of several posts over...more

Revealed! The Investor Advisory Committee’s Recommendations On Lifting The General Solicitation Ban In Rule 506 Offerings

I was not the only one who was perturbed by the Investor Advisory Committee’s procedures for considering the Securities and Exchange Commission’s proposed rulemaking to lift the ban on general solicitation and Advertising in...more

SEC Comments on JOBS Act Registration Statements

The SEC has consistently issued several comments in connection with registration statements filed by “emerging growth companies” under the JOBS Act. It’s clear at least for now that the SEC will ask to see any...more

SEC Proposes New Rules under the JOBS Act

On August 29, 2012, the Securities and Exchange Commission (“SEC” or the “Commission”) proposed rules to implement section 201 of the Jumpstart Our Business Startups Act (the “JOBS Act”).1 The JOBS Act directed the SEC to...more

SEC Proposes Rules to Eliminate The Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A...

If you or your company -- whether public or private -- anticipate relying on private markets for capital raising, you will want to keep abreast of recently proposed rulemaking by the Securities and Exchange Commission that is...more

Can The SEC Eliminate The Prohibition On General Solicitation Retroactively?

In Section 201(a)(1) of the Jumpstart Our Business Startups (JOBS) Act, Congress ordered the Securities and Exchange Commission to amend Regulation D to permit general solicitation or general advertising in offerings made...more

Friendly Funding

Smart Reno business owners and entrepreneurs, like their counterparts across the country, are always on the lookout for new sources of capital. Recently, Congress passed a new law - the Jumpstart Our Business Startups Act...more

SEC Proposes Rules Permitting General Solicitation in Certain Unregistered Offerings

On August 29, 2012, the Securities and Exchange Commission, or SEC, issued proposed rules which would allow advertising and publicity in certain unregistered offerings. As mandated by the Jumpstart Our Business Startups Act,...more

SEC Issues Proposed Rules to Permit General Solicitation and General Advertising in Certain Private Offerings

On April 5, 2012, the Jumpstart Our Business Startups Act (“JOBS Act”) became effective. The JOBS Act mandated, among other things, that the Securities and Exchange Commission (“SEC”) amend Rule 506 of Regulation D and Rule...more

JOBS Act, Accredited Investors, and Flaming Hoops

I’ve heard it multiple times now, from angel investors and entrepreneurs alike, that the JOBS Act changed the definition of “accredited investor” in order to make it easier to be one. It’s as if President Obama and the...more

JOBS Act Updated: SEC Proposes Rules to Facilitate General Solicitation for Offers of Securities Under Rules 506 and 144A

The JOBS Act, signed into law in April, directed the Securities and Exchange Commission (SEC) to remove the prohibition against general advertising and solicitation in private placements conducted under Rule 506 and Rule 144A...more

When a “Public Offering” Is Not a “Public Offering”: The SEC Rule Proposal Eliminating the Ban on General Solicitation and...

Introduction - On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was enacted. The stated objective for the JOBS Act is to improve access to the public capital markets for startup and emerging...more

JOBS Act Update: When a "Public Offering" Is Not a "Public Offering": The SEC Rule Proposal Eliminating the Ban on General...

Introduction: On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was enacted. The stated objective for the JOBS Act is to improve access to the public capital markets for startup and emerging companies...more

Perspectives on Proposed General Solicitation Rule

As we previously noted, the SEC finally released proposed rule 506(c) on August 29, which lifts the ban on general solicitation and advertising in private offerings in which all purchasers are accredited investors and in...more

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