SEC Delays Consideration of JOBs Act Rule
The SEC was scheduled to meet on Wednesday, August 22, 2012 to consider rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act. The Commission announced this morning that they will take up the rules during an August 29th meeting. The SEC missed an earlier 90-day deadline to implement the rules for the JOBs Act signed into law in April. We will issue an Alert on the rulings as soon as they become available.