The SEC released a no-action letter allowing a 501(c)(3) tax-exempt microfinance charity to offer and sell certain notes without registration under the Securities Act or the Investment Company Act, and without qualification under the Trust Indenture Act.
News & Insights
The SEC Advisory Committee on Small and Emerging Companies considered (i) recommendations related to intrastate crowdfunding; (ii) the treatment of so-called "finders" that assist companies in capital-raising activities; and (iii) improving public company disclosure. In her remarks, Chair Mary Jo White noted the efforts of the SEC Division of Corporation Finance to actively consider ways to improve Securities Act Rule 147 ("'Part of An Issue,' 'Person Resident' and 'Doing Business within' for Purposes of Section 3(a)(11)"), which is the "safe harbor that issuers generally rely on for
Chair Mary Jo White reviewed SEC progress on a number of prominent initiatives relating to (i) asset management, (ii) equity markets structure, and (iii) SEC disclosure regimes.
The SEC adopted changes to the existing intrastate offering framework, and proposed amendments to proxy requirements that would require the use of universal proxy cards.
The SEC adopted rules to update and modernize the intrastate and regional offering framework.