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ARTICLE · 17 JANUARY 2006

Securities Offering Reform: Communications Rules

On July 19, 2005, the Securities and Exchange Commission issued the final rules for the securities offering reforms that were previously approved by the SEC. SEC Release No. 33-5891, entitled “Securities Offering Reform” (the “Release”), becomes effective December 1, 2005.

United StatesStrategy

Originally published November 29, 2005

On July 19, 2005, the Securities and Exchange Commission issued the final rules for the securities offering reforms that were previously approved by the SEC. SEC Release No. 33-5891, entitled "Securities Offering Reform" (the "Release"), becomes effective December 1, 2005.

Overview

A. Summary of New Rules – Pre-Registration

  • Rule 163A - Bright-line exclusion from prohibition on offers made more than 30 days before the date of the filing of the registration statement

  • Rule 163 - Exemption from the prohibition on offers for most Well- Known Seasoned Issuers

  • Rule 168 - Continued publication of regularly released factual business information and forward-looking information

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