At its open meeting held on May 23, 2007, the Securities and Exchange Commission (SEC) proposed new rules for public comment that, if adopted, will bring about meaningful changes in reporting and offering requirements and exemptions for smaller companies. In addition, the proposed changes to Rule 144 under the Securities Act of 1933, as amended, would affect all reporting companies that issue restricted securities. SEC Commissioner Christopher Cox noted in his remarks at the open meeting that the SEC intends the proposed rules "to alleviate unnecessary burdens on smaller companies and to facilitate capital formation for those companies.... given the historic importance of small businesses in the United States as drivers of economic activity, innovation and job creation."
The proposals are outlined in a press release issued by the SEC. The press release and some of the more noteworthy proposals are found and described in this Mintz Levin Securities Law Alert.
Please see full publication below for more information.