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Alternative Market Briefing

JOBS Act: SEC delays rules on hedge fund soliciting

Monday, August 20, 2012

From Precy Dumlao, Opalesque Asia – Citing the need for more public comments, the U.S. Securities and Exchange Commission’s Chairman Mary Schapiro last week told Congress she would need more time before finalizing rules on repealing a ban on investments advertising.

Her statement quickly drew loud protest from Republicans in Congress who supported the Jumpstart Our Business Startups Act, or JOBS Act, the Wall Street Journal reported on Friday. The JOBS Act was signed into law by President Barack Obama on April 5, 2012, and contains the lifting of the advertising ban for small businesses among other things.

The SEC was given until July to come out with rules to implement the repeal of the ban, but the deadline was missed. The Commission originally slated to implement the new rule on August 22.

The Journal quoted the House oversight subcommittee’s Chairman Rep. Patrick McHenry’s letter to Schapiro as saying, "By kicking the can down the road, you are abdicating your responsibility to follow the law, failing to fulfil your sworn commitment to this subcommittee, and ignoring the will of Congress and the president." McKenry said he plans to hold a hearing on the issue next month.

The JOBS Act is a law intended to encourage funding of United States small bu......................

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