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Alternative Market Briefing

SEC lifts ban on general solicitations, then proposes regulations

Thursday, September 05, 2013

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Scott Gluck
Benedicte Gravrand, Opalesque Geneva:

According to Scott Gluck, attorney with U.S.-based law firm Venable LLP, who wrote in the September 2013 edition of Middle Market Growth, the SECís advertising ban is not all there is.

The U.S. Securities and Exchange Commission (SEC) voted to lift the ban on general solicitations or advertising, as per the 2012 JOBS Act, on July 10th this year. In that same meeting, says Mr. Gluck, the SEC also approved new regulations that may restrict the fund advisersí ability to advertise.

These proposed regulations include: ē Fund advisers seeking to solicit would be required to fill in pre- and post-solicitation Form D Filings. ē Written solicitation material would be required to contain legends and other disclosures. ē Solicitation material would have to be submitted to the SEC for around two years after enactment. ē More information would be disclosed in the Form D. ē An issuer who has not complied with a Form D filing requirement in the past five years would be disqualified from starting a Rule 506 offering for a year. ē The antifraud provision of Rule 156 would be amended to ap......................

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