On December 4, 2015, President Obama signed into law The Fixing America's Surface Transportation
Act (the "FAST Act"). The new law includes several
amendments to the federal securities laws that are provided to help
further facilitate capital-raising and resale efforts by private
and public companies and to streamline and modernize certain
securities laws. Certain of these provisions are effective
immediately while others are subject to Securities and Exchange
Commission (the "SEC") rulemaking or study prior to being
implemented.
New Private Resale Exemption Under the Securities Laws
Section 76001 of the FAST Act establishes a new statutory
exemption from registration under the Securities Act of 1933, as
amended (the "Securities Act"), for private resales to
accredited investors. New Section 4(a)(7) of the Securities Act
exemption essentially codifies a private resale exemption under the
Securities Act that is similar to the "Section
4(a)(11/2)" private resale
