On November 3, 2004, the SEC issued proposed rules that would make significant changes to the securities offering process under the Securities Act of 1933 ("Securities Act"). The proposed rules are the SEC's most significant effort at reforming the securities offering process since the SEC's 1998 "Aircraft Carrier Release," which the SEC ultimately did not adopt. In contrast to the Aircraft Carrier Release, the SEC characterizes its current proposals as "constructive, incremental changes to the regulatory system and offering process rather than the introduction of a far-reaching entirely new system." The SEC believes that the proposed rules would eliminate unnecessary and outmoded restrictions on offerings, provide more timely information to investors and continue the SEC's long-term efforts toward integrating disclosure and processes under the Securities Act and the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the proposed rules address communications related to
