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Final Rule: Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings

Final Rule: Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings

RIN: 3235-AK97

Agency/Agencies: SEC

Federal Register Publication Date: 07/24/2013

Summary: The SEC adopted amendments to its rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 926 requires the SEC to adopt rules that disqualify securities offerings involving certain “felons and other ‘bad actors’” from reliance on Rule 506 of Regulation D. The rules must be “substantially similar” to Rule 262 under the Securities Act, which contains the disqualification provisions of Regulation A under the Securities Act, and must also cover matters enumerated in Section 926 of the Dodd-Frank Act (including certain state regulatory orders and bars).

Ianthe Zabel
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