Recently, Senators John Thune and Pat Toomey and a number of other senators joined the chorus urging the Securities and Exchange Commission to move forward with Rule 506 rulemaking. The letter also expresses concern with any overly prescriptive investor verification test. This is consistent with letters from the House. The text of the letter: http://www.toomey.senate.gov/?p=press_release&id=772.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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