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Jul 12, 2013

SEC Adopts Rule Changes Allowing General Solicitation in Private Placements Under Rule 506 of Regulation D and Rule 144A

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On July 10, 2013, the US Securities and Exchange Commission (the “SEC”) adopted rule changes that will permit general solicitation and general advertising in securities offerings under Rule 506 of Regulation D and Rule 144A. The rule changes fulfill a requirement of the Jumpstart Our Business Startups Act (the “JOBS Act”) and are expected to become effective in mid-September. The SEC also adopted rule changes that disqualify felons and other bad actors from being able to rely on the Rule 506 safe harbor. In addition, the SEC proposed new data collection measures that would impose expanded filing requirements on offerings conducted under Rule 506.

View full memo, "SEC Adopts Rule Changes Allowing General Solicitation in Private Placements Under Rule 506 of Regulation D and Rule 144A"

Authors and Contributors

John (Sean) Finley

Partner

Investment Funds

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+1 212 848 4346

New York

Nathan Greene

Partner

Investment Funds

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+1 212 848 4668

New York

Lisa Jacobs

Partner

Capital Markets

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+1 212 848 7678

New York

Jason Lehner

Partner

Capital Markets

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+1 416 360 2974

Toronto

Antonia E. Stolper

Partner

Capital Markets

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+1 212 848 5009

New York

Matthew Bersani

Partner

Capital Markets

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+852 2978 8096

Hong Kong