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Law Notes

Reports to the Arkansas Bar by the Faculty of the University of Arkansas School of Law.

School of Law
1045 W. Maple St.
Robert A. Leflar Law Center
Waterman Hall
University of Arkansas
Fayetteville, AR 72701

Phone: (479) 575-5601

Articles written by

James W. Smith

SEC Lifts Ban on General Solicitation, Adopts “Bad Actor” Rules and Proposes Changes to Regulation D and Form D

On July 10, 2013, the Securities Exchange Commission (“SEC”) adopted and released a number of highly anticipated amendments to Rule 506 of Regulation D of the Securities Act of 1933, as amended, that (i) effectively lift the ban on general solicitation and general advertising of securities in certain private offerings under Rule 506, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act (the “JOBS Act”), and (ii) disqualify securities offerings involving certain “bad actors” from relying on the exemption under Rule 506, as mandated by Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank”).[2]

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