General Solicitation and Bad Actor Guidance from the SEC

Skadden, Arps, Slate, Meagher & Flom LLP

Anastasia T. Rockas Josh LaGrange

The new SEC rules took effect that (1) eliminated the prohibition against general solicitation and general advertising in certain private placements and (2) disqualified certain securities offerings involving “bad actors” from reliance on Rule 506 have raised a number of interpretive questions. The SEC has released a series of interpretations regarding compliance and disclosure issues to address these questions.

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