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SEC Approves Lifting General Solicitation Ban

Thursday, July 11, 2013 5:00:00 AM PDT | VentureDeal

   Washington, DC  --  The SEC voted to adopt a new rule to implement a JOBS Act provision removing the ban on general solicitation or advertising for a variety of private securities offerings.

The commission also enacted a number of related rules that place the burden of determining whether an investor is "accredited" onto the Issuer of the securities.

The ban on general solicitation had been in effect for many decades in the rule amendments become effective 60 days after publication in the Federal Register.

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