NASAA Releases FAQ Addressing Issues Relating to General Solicitation Rules and Bad Actor Rules

The North American Securities Administrators Association ("NASAA") issued a "frequently asked questions" guide addressing the recently adopted SEC rules regarding the disqualification of "bad actors" from Regulation D offerings and the lifting of the ban on general solicitation and general advertising. Question 4 of the FAQ notes that issuers must be mindful of state notice filing requirements availing themselves of general solicitation and general advertising, and question 8 cautions fund managers relying on certain CPO exemptions that the CFTC still has not reconciled its rules for private funds to the news JOBS Act exemptions.

See: NASAA FAQ.See also: SEC Adopts Significant Amendments to Private Placement Rules: JOBS Act Rules Eliminate Ban on General Solicitation and Dodd-Frank Mandate Disqualifies Bad Actors authored by Maurine Bartlett, Brandon Clar, Brian Foster, Steven Lofchie, Andrew Lom, Dorothy Mehta, Theresa Perkins.Related news: SEC Publishes Small Entity Compliance Guide on Rule 506 Disqualifications (September 23, 2013); SEC Publishes Final Rule Amendments to Rule 506 and Rule 144A in Federal Register (July 24, 2013); The SEC Approves JOBS Act Rules (with Delta Strategy Group Meeting Summary) (with Lofchie Comment) (July 10, 2013).