SEC Approves the JOBS act requirement to lift the General Solicitation Ban
(Entire Article Here)
On July 10th , 2013 the SEC Approved the JOBS act requirement to lift the General Solicitation Ban!! The Securities and Exchange Commission today adopted a new rule to implement a JOBS Act requirement to lift the ban on general solicitation or general advertising for certain private securities offerings.In connection with this new rule, the Commission voted to issue a rule proposal requiring issuers to provide additional information about these securities offerings to better enable the SEC to monitor the market with that ban now lifted. The proposal also provides for additional safeguards as this market changes and new practices develop. (Fact Sheet)
The Domestic Energy and Jobs Act (H.R. 4480) (Full Jobs Act Available on Your Right)
The rule change implements a provision in the Jumpstart Our Business Startups Act,which was signed into law more than a 2 years ago. The elimination of the advertising ban on private offerings should make it easier for startups and other businesses, including hedge funds and venture capitalists, to raise money.
The Jumpstart Our Business Startups Act includes provisions that require the SEC to undertake various initiatives, including rulemaking and studies touching on capital formation, disclosure and registration requirements.
For the full document please go to http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606enr/pdf/BILLS-112hr3606enr.pdf or just click the Link to the Right .