TheCorporateCounsel.net

Yesterday, the SEC removed from today’s Open Meeting agenda the consideration of rules to eliminate the prohibition against general solicitation and general advertising in offerings conducted pursuant to Rule 506 of Regulation D and Rule 144A, as mandated by Section 201(a) of the JOBS Act. In a separate notice, the SEC indicates that it will now consider whether to propose rule changes under Title II of the JOBS Act on Wednesday, August 29th. The new notice clarifies that the changes to Rules 506 and 144A will be proposed, rather than published as interim final rules. I would expect that, given all of the fireworks over the last couple of weeks, there will be a short comment period with the expectation of moving to final rules relatively quickly, perhaps by the end of the year.

Remaining on the calendar for today’s Open Meeting, unfortunately, are the final rules implementing the conflict minerals and resource extraction disclosure provisions of Dodd-Frank.

Payday at the SEC: The First Dodd-Frank Whistleblower Award

The SEC announced that it has paid its first financial award to a whistleblower who provided “documents and other significant information that allowed the SEC’s investigation to move at an accelerated pace and prevent the fraud from ensnaring additional victims.” The anonymous whistleblower will receive at least $50,000 (30% of the amount collected by the SEC), and the award will continue to go up as the SEC is able to collect more in disgorgement and penalties in the case. This first whistleblower award comes a year after the SEC’s whistleblower rules under the Dodd-Frank Act were effective.

The Second Deal Cube Tourney: Round One; 6th Match

As noted in these rules (and keep sending more pics for the next tourney), please vote for two of the following four cubes below:

– Gatorade Bottle (Lemon Lime)
– Friendly Monster
– Tuxedo
– Octogan

– Dave Lynn