Tuesday, August 21, 2012

SEC Reschedules Open Meeting on JOBS Act Title II

The SEC today announced that it has dropped the Jumpstart Our Business Startups (JOBS) Act Title II items from tomorrow’s open meeting. Instead the August 22, 2012 meeting will focus on whether to adopt rules to implement Dodd-Frank Act provisions regarding conflict minerals and resource extraction issuers.

The Commission also issued a new notice scheduling an open meeting to address JOBS Act Title II on August 29, 2012. Significantly, the rescheduled meeting will consider whether to “propose” rules to implement JOBS Act provisions mandating the removal of the ban on general solicitation and general advertising for offerings under Rule 506 of Regulation D and Rule 144A. The now deleted meeting item had said the Commission would “consider” rules to implement JOBS Act Title II.