28 May House Approves Deadline for Regulation A+ Rulemaking

The US House of Representatives passed a bill recently giving the Securities and Exchange Commission a deadline for completing Regulation A rulemakings required by the Jumpstart our Business Startups (JOBS) Act. The law did not have a deadline, the bill would require rules to be written by October 31, 2013. Unfortunately, the SEC has missed several other deadlines to complete rules required by JOBS. It is not clear how this will fare in the Senate, but one would hope this is not too controversial since the original JOBS Act passed with wide bipartisan support.

We have learned from SEC staffers that they are working on the Reg A and other rules. But we also know that two of the SEC Commissioners are being replaced (I will provide an update on this), and so discussions may have to start anew on this and other JOBS and Dodd-Frank Act related issues. We will keep you posted!