Small Business Securities Bulletin: SEC Proposes "Bad Actor" Disqualifications for Rule 506 Private Placements; XBRL Compliance Deadline Fast Approaching


In This Alert:

SEC Proposes "Bad Actor" Disqualifications for Rule 506 Private Placements

On May 25, 2011, the Securities and Exchange Commission (SEC) proposed rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Section 926 requires the SEC to adopt rules that disqualify securities offerings that involve certain “felons and other ‘bad actors’” from reliance on the safe harbor exemption from registration under the Securities Act of 1933 (Securities Act) provided by Rule 506 of Regulation D under the Securities Act....

Reminder: XBRL Compliance Deadline Fast Approaching

In May 2009 the SEC adopted rules requiring all domestic issuers who file financial statements using U.S. Generally Accepted Accounting Principles (U.S. GAAP) and foreign issuers that use International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS/IASB) to file their financial statements in interactive data format using eXtensible Business Reporting Language, or XBRL.....

Please see full alert below for more information.

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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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