The More Things Change….

Today, September 23^rd, is the one year anniversary of the effective date of the changes relaxing the prohibition against general solicitation in certain offerings made under Rule 506 and resales made pursuant to Rule 144A.

The SEC has not moved forward with the rules it proposed in 2013 that would make certain changes to Regulation D, Form D and Rule 156. The proposed rules seem every bit as controversial now as they were when first published. Today, Senators Levin, Reed, Markey, Warren published a letter that they sent to SEC Chair White (see here: http://www.levin.senate.gov/newsroom/press/release/levin-reed-markey-warren-urge-sec-to-protect-investors/?section=alltypes) urging adoption of "investor protections" in private offerings. Specifically, the Senators urge that the SEC adopt rules requiring the filing of general solicitation materials and the inclusion of certain risk disclosures in any general solicitation materials. The Senators also urge the SEC to require