What Hath JOBS Wrought? Changes for U.S. Private Placements Under New SEC Rules
Three new SEC rules, effective beginning September 23, 2013, are ushering in a new era for U.S. private placements. Building on the existing foundation of Regulation D (Reg D), which exempts certain private placements from needing to register under the U.S. Securities Act of 1933, the new rules represent a significant change in Reg D’s focus.
In short, the rules (a) lift the ban on general solicitations; (b) disqualify issuers that are connected to “bad actors” from relying on Reg D; and (c) modify the content and filing requirements of Form D.
Fry’s article examines the current and proposed amendments to Reg D, the potential impact on private funds, and what sponsors of hedge funds, funds of funds and other private funds offered in the U.S. need to know to adapt.
For the full text of the article, click here.
