SEC Commissioner Aguilar on Commission's Statutory Responsibility to Respond to IAC's Recommendation on JOBS Act

SEC Commissioner Luis A. Aguilar delivered a speech at an SEC Investor Advisory Committee (IAC) meeting, in which he stressed that the Commission itself, not the staff, should assess various recommendations made by the IAC as to the implementation of the JOBS Act and determine how best to respond to them. In his remarks, Commission Aguilar did not comment on the IAC's specific recommendations; his remarks dealt only with the fact that it should be the Commission itself that takes responsibility for review.

The IAC, which was established pursuant to Section 911 of Dodd-Frank, had issued a report containing various recommendations as to how the IAC believed that the SEC should respond to The JOBS Act. In short, the IAC recommended that the SEC should, in implementing The JOBS Act, adopt a number of investor protection requirements such as requiring issuers selling securities in broadly-advertised "private placements" to file a notice with the SEC that would allow the SEC to gather information on JOBS Act offerings.

View speech (SEC website).View the IAC Recommendations on The JOBS Act here.