Darryl L. DePriest is the seventh presidentially appointed and Senate-confirmed Chief Counsel for the Office of Advocacy.
Prior to joining the Small Business Administration Office of...
SEC Issues Final Rule Eliminating the Ban Against General Solicitation and General Advertising
On July 10, the Securities and Exchange Commission (SEC) issued a final rule implementing section 201(a) of JOBS Act, which lifts the ban on general solicitation and general advertising. The SEC rule permits startups, venture capitalists, and hedge funds to openly advertise to raise money in private offerings provided that the issuer of securities takes “reasonable steps” to verify that the purchasers of the securities are accredited investors. The SEC’s rule includes a non-exclusive list of methods that an issuer may use to verify that a purchaser is an accredited investor.