Last week, the SEC surprised many with a hasty rescheduling of a hearing on the topic of new general solicitation provisions in private Reg D investment offerings. These new provisions were outlined in Title 2 of the JOBS Act and require SEC rulemaking and review before they can be implemented. The rescheduled hearing is set for today and is expected to shed some light on the SEC’s plan and timeline for implementing this part of the JOBS Act. More coverage of this topic can be found on the Crowdfunding Intermediary Regulatory Advocates’ website, here.
Representative Patrick McHenry who has continued his campaign in Washington for his original version of the investment crowdfunding regulations seized on the SEC’s delayed hearing on this matter last week. He has set a hearing of the House Subcommittee he chairs for September 13th and has called Mary Shapiro, the head of the SEC to testify. Stay tuned here for updates.