If the Securities and Exchange Commission is slow to implement the marketing exemption of this year’s JOBS Act, it may be because regulators fear opening a vector that could be a “shill for fraudulent vehicles,” Robert B. Kaplan, a partner in the law firm Debevoise & Plimpton LLP, told sister magazine Buyouts.
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In their latest report on the long-term ills affecting the IPO markets, David Weild and his co-authors laser lock on market structure and persuasively argue in a series of Grant Thornton white papers that increasing “tick” sizes will restore capital formation, jobs and investor confidence. Tick sizes? Yes, they’re talking about tick sizes (i.e., the minimum increment in which a stock can trade) and they’re right.
America’s buyout shops aren’t exactly falling over one another to take advantage of liberalized rules for marketing their funds, fund sponsors and market watchers told sister publication Buyouts.
Pre IPO companies are taking advantage of the JOBS Act’s invitation to file confidentially with the Securities and Exchange Commission so I took a look at a pre-public S-1 and a public S-1 to see how the documents changed.
U.S. securities regulators voted 4-1 on Wednesday to propose lifting a long-standing ban on general advertising for private securities offerings.
SEC Chairman Mary Schapiro recently told Congress it was “not feasible” to meet the JOBS Act’s 90-day deadline for the implementation of changes to Securities Act Rule 506 to permit general solicitation in private placements to accredited investors.
Until SEC rule-making is complete the crowdfunding exemption under Section 4(6) is not available for offers and sales of securities. Nonetheless, equity crowdfunding offers are already easy to find on Twitter.