July 10, 2013 Comments Off on SEC Approves Repeal of Advertising Prohibition
After lengthy delays, the SEC approved final rules to repeal the prohibition on advertising in connection with Rule 506 private placement offerings. The final rules were modified only slightly from the previously proposed version. The repeal will become effective in early September. « Read the rest of this entry »
October 30, 2012 § 2 Comments
After multiple delays, the SEC finally proposed rule changes to permit advertising under Rule 506 offerings and invited comments from the public. To date, the SEC has received over 150 of comments which show a wide range of responses to the proposed rule. Given the number and range of responses, we anticipate slow going for adoption of final rules. « Read the rest of this entry »
August 22, 2012 § 1 Comment
The SEC announced that its open meeting to announce rules governing advertising of offerings under Rule 506, originally scheduled for August 22, has been delayed until August 29. This follows news from the SEC that it will be releasing only proposed rules for public comment at the meeting. Some had hoped the SEC would announce interim or temporary rules to go into effect immediately. Instead, any proposed rules announced by the SEC will be subject to usual public comment and review, typically between 30 and 60 days. « Read the rest of this entry »
August 20, 2012 § 3 Comments
The SEC was expected to issue interim or temporary rules at its open meeting on August 22 that would have permitted private fund managers and others to begin advertising in connection with Rule 506 offerings of their securities. A recent statement, however, has announced that the SEC will instead only propose rules for public comment following the SEC’s typical rulemaking process. The SEC has already missed the original July 4 deadline imposed by the JOBS Act.
August 16, 2012 Comments Off on SEC Charges Adviser for Failing to Produce Books and Records
A recent SEC enforcement action serves as a reminder to investment advisers of their obligations to keep detailed records of their advisory business and to provide those records promptly when examined by the SEC (or state regulators). Failure to satisfy these regulatory obligations can lead to suspension of firm’s registration and, for the firm’s principals, a bar from the industry.