On July 10, 2013, the SEC voted to lift the ban on general solicitation and advertising for offerings limited to accredited investors under Rule 506 and for offerings under Reg. 144A of the Securities Act of 1933. As mandated by the U.S. Congress under the Jumpstart Our Business Startups Act of 2012 (JOBS Act), the SEC voted on July 10, 2013 to approve the lifting of the ban. Also on July 10, 2013, the SEC approved an amendment to Rule 506 to disallow the use of the exemption for offerings involving certain felons and other “bad actors,” and to propose through an amendment to Regulation D to enhance the SEC’s ability to evaluate changes in the private placement market that occur after the lifting of the general solicitation and advertising ban.