Restoring American Financial Stability Act of 2010

Letter to Sen. Dodd from the WSBA in opposition to Section 926 of the “Restoring American Financial Stability Act of 2010”

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The Securities Committee of the Business Law Section of the Washington State Bar Association opposes the adoption of Section 926 of the “Restoring American Financial Stability Act of 2010”. We believe that Section 926 would operate as a practical matter to eviscerate the existing federal preemption of state securities laws with respect to private offerings of securities made pursuant to SEC Rule 506. Current law strikes the proper balance between reducing the costs of capital formation for smaller business while giving state securities regulators full authority to protect investors from fraudulent securities offerings.

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Reference Info:Federal, Federal Circuit | United States


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