On June 28, 2012, SEC Chairman Mary Schapiro testified before a House Oversight and Government Reform Committee that the SEC will miss a JOBS Act rulemaking deadline related to Rule 506 of Regulation D and Rule 144A. Title II of the JOBS Act requires the SEC to revise these rules to remove the ban on general solicitation and general advertising in certain situations by July 4, 2012. Schapiro indicated that although the SEC will not meet this deadline, it has made significant progress and will be in a position to move forward on the rule revisions in the near future.

To learn more about the SEC's required rulemaking under Title II of the JOBS Act, see Practice Note, JOBS Act: Regulation D and Rule 144A General Solicitation Summary.