On July 2, 2012, the SEC announced that it has scheduled an open meeting for August 22, 2012 to consider amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933. Title II of the JOBS Act requires the SEC to revise Rules 506 and 144A to remove the ban on general solicitation and general advertising in certain situations. The original deadline for this rulemaking was July 4, 2012 but SEC Chairman Mary Schapiro announced on June 28, 2012 that the SEC would not meet this deadline. It is unclear whether the SEC will propose rules at the open meeting or adopt interim final rules.

At the open meeting, the SEC will also consider adopting disclosure rules on conflict minerals and payments by resource extraction issuers, as required by the Dodd-Frank Act (see Legal Update, SEC Meeting to Consider Adopting Disclosure Rules Regarding Conflict Minerals and Payments by Resource Extraction Issuers).

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