The SEC has made official what we blogged about yesterday: Late yesterday it removed from its agenda for today’s meeting the consideration of general solicitation in Rule 506 and Rule 144A offerings. The SEC also released a separate meeting notice for August 29, 2012, which states it will consider whether to propose rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 and Rule 144A.
Since the SEC’s action would be to propose rules, it will follow the typical rulemaking process of accepting comments, considering them, and thereafter adopting final rules. While the fact that the SEC has been soliciting and receiving comments on this issue might facilitate this process, it takes several months. Some predictions are that final rules will not be in place until 2013.
We will keep you posted.