SEC Lifts Ban On General Solicitation For Certain Private Offerings

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On July 10, 2013, the SEC adopted a final rule lifting the ban on general solicitation and advertising for certain private offerings of securities. The SEC also proposed a new rule that would require issuers of securities in these offerings to provide additional information to the SEC.

Lastly, the SEC adopted a final rule that would disqualify felons and other "bad actors" from relying on Rule 506 for private offerings.

Here is a link to the SEC’s press release. The press release contains links to detailed fact sheets from the SEC with respect to this action, together with the final and proposed rules. The final rules will become effective 60 days after publication in the Federal Register. The public comment period on the proposed rule will be 60 days after publication in the Federal Register.

We are working on a detailed client alert to tell you more about the implications of the new rules, but want to provide you with this basic information today. Please watch for our alert in the coming days.

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SEC

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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