The proposed change to allow for general solicitation of accredited investors under Regulation D, “Rule 506(c)”, has some interesting implications for capital formation for Issuer companies. For one, it is a 180 degree turn from the basic premise of securities law back to 1933 – that general solicitation needs to be blessed by the SEC or a state regulator – “registered” – or follow some tricky exemption from registration. Failure to do so exposed the companies and its principals to action by state and federal securities regulators.
Meaning what? Well, for one, you better have lots of rich friends and acquaintances.. or better yet you hire a FINRA registered Broker Dealer to do the raise for you. .. Enter Rule 506(c)..
We anticipate something final out the the SEC within 60 days.. stay tuned.
This entry was posted on Monday, June 3rd, 2013 at 5:39 pm and is filed under Crowdfunding. You can follow any responses to this entry through the RSS 2.0 feed.
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