NASAA Issues a Statement on the JOBS Act and on the JOBS Act Rules

NASAA issued a statement expressing disappointment with the SEC decision to adopt JOBS Act Rules without imposing further requirements on issuers that employed general solicitation and advertising in private placements. In its statement today, the NASAA urged that the SEC impose further conditions on private placements that employed general advertising, including requiring the pre-filing of a Form D. While NASAA praised the SEC for disqualifying private placements involving bad actors from reliance on the new exemptions, it also criticized the SEC for providing that the loss of the exemption applies only to persons who are convicted of crimes after the effective date of the rule, saying that the disqualification should be retrospective.

See: NASAA Statement.See also: NASAA Recommendations Made in October 2012 When JOBS Act Rules Were Initially Proposed.