It has been quite a while since the SEC proposed rules relaxing the prohibition of general solicitation in Rule 506 and Rule 144A offerings. The criticism to the proposed rules flowed from issuer and investor advocate groups for a variety of reasons. These rules are required by Section 201(a) of the JOBS Act.
According to WSJ MarketWatch, the SEC will vote on the proposal on July 10.
At this point, it may be worth going back through the proposal to be ready for the new rules. Issuers will be anxious to begin advertising. However, the proposal includes onerous requirements for verifying investor eligibility. We look forward to seeing what changes, if any, the SEC plans to make to the proposed rules.