T-minus 1 day to August 22 . . .By http://profile.typepad.com/1237764140s22740 // August 21, 2012 in Angels, JOBS Act, Reg D
The SEC open meeting to consider what to do about advertising in Rule 506 offerings is tomorrow.
The McGuireWoods law firm has published a useful summary of the comment letters that have been submitted to the SEC on the subject. (Thanks to Joe Bartlett for sending the link.) If you're planning to watch the webcast of the SEC's meeting tomorrow, take ten minutes to review this summary; it helps one appreciate the range of perspectives on what is at stake. Business people worry that verification rules, if onerous, will chill angel investing - 180 degrees contrary to the Congressional intent of the JOBS Act. Regulators fear a mushrooming of boiler-room mischief and retirees scammed out of their savings.
Somewhere in all this, eventually, angel investing (where the JOBS Act mandates advertising shall be deemed kosher) and equity crowdfunding (where the JOBS Act resents advertising and mandates issuers must do no more than direct prospective investors to a broker or funding portal) are going to meet.