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, or JOBS Act, the proposed amendments:

- Permit general solicitation and general advertising in offerings under Rule 506 of Regulation D, so long as all investors in the offering are accredited; and

- Permit offers to persons who are not "qualified institutional buyers," or QIBs, in a Rule 144A offering, so long as all purchasers in the offering are QIBs.

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