On July 10, 2013, the SEC adopted final rules to implement the JOBS Act mandate to eliminate the prohibition against the use of general solicitation and general advertising in certain private placements. The SEC also issued proposed rules that would, if adopted, enhance its ability to evaluate evolving practices in the private placement market and provide, as needed, additional investor protections. Finally, the SEC also adopted rules to disqualify “bad actors” from certain offerings, as required by the Dodd-Frank Act. The final rules will become effective on September 23, 2013. As a follow-up to our Corporate Finance Alert in July, this edition examines the new and proposed rules in more detail.
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Corporate Finance Alert: SEC Removes Ban on General Solicitation and Advertising for Certain Private Placements
Skadden, Arps, Slate, Meagher & Flom LLP