Posts in Securities Law
SEC Adds Knowledgeable Issuer Employees to List of Accredited Investors in Private Placements

Starting in December individuals may be accredited based upon their credentials, and issuer employees may be accredited based upon their "knowledge." However, there is no bright-line test to determine which employees are sufficiently knowledgeable to be accredited investors.

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SEC Proposes New Regulation for Integration of Offerings

On March 4, 2020, the Securities and Exchange Commission (SEC) proposed a new rule, which would clarify and harmonize integration concepts for several types of exempt offerings. The new rule also would shorten the safe harbor in Regulation D from six months to 30 days

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Orchestra Performances and Basic Honesty Analysis in Rule 10b-5 Cases

Individual orchestra musicians aren’t considered responsible for a musical composition or interpretation, even if the musicians, themselves believe them to be lacking. That responsibility lies with the composer or conductor who created it. The same may not be true with securities. People who relay inaccurate information they did not author now may be held responsible for securities fraud.

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An A Isn't the Same for Everyone — Why Regulation A+ Might be a B or C for Real Estate Funds

In 2015, the US Securities and Exchange Commission (SEC) adopted what has become known as Regulation A+. Like transposing instruments, Regulation A+ was designed to make it easier for small businesses to raise new capital. Yet, just as an A played on alto clarinet sounds like a G, Regulation A+ doesn’t provide an A+ solution for all businesses or issuers.

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