US SEC adopts final amendments to permit general solicitation or general advertising in private placement transactions under Rule 506 and Rule 144A
On 5 April 2012, president Barack Obama signed into law the US Jumpstart Our Business Startups Act (JOBS Act). The JOBS Act was intended to facilitate capital-raising activities by easing the securities law burdens to which growing private companies and smaller US public companies are subject. The JOBS Act amended certain provisions of the US Securities Act of 1933, as amended, and directed the US Securities and Exchange Commission (SEC) to revise its rules under the Securities Act to give effect to the JOBS Act.
On 10 July 2013, the SEC held an open meeting at which it adopted amendments to implement Section 201(a) of the JOBS Act relating to the use of ‘general solicitation or general advertising’ in certain US private placement transactions. The amendments are set forth in SEC Release No. 33-9415. In a separate release, the SEC also adopted amendments disqualifying securities offerings involving certain ‘felons and other bad actors’ from reliance on Rule 506 of Regulation D under the Securities Act. The amendments are set forth in SEC Release No. 33-9414.
The amendments will become effective 60 days after publication of the respective releases in the US Federal Register, likely in mid-September…
If you are registered and logged in to the site, click on the link below to read the rest of the Hogan Lovells briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
The decision of the US Court of Appeals has raised questions about how issuers should present their disclosures on conflict minerals under Exchange Act Rule 13p-1 and Form SD.
An interesting judgment was delivered by the Honourable J Majiki on 19 November 2013 in the Eastern Cape High Court, Port Elizabeth.
Analysis from The Lawyer
As international firms question their future in these small, closely linked markets, local lawyers too are eyeing the business environment with caution
Beyond the headline infrastructure projects, UK construction work is still recovering from the clobbering it took during the slump