Securities Regulation

On July 2, 2012, the U.S Securities and Exchange Commission announced the scheduling of an open meeting for August 22, 2012, for the purpose of adopting final rules regarding disclosure and reporting obligations with respect to (i) the use of conflict minerals and (ii) payments to governments made by resource extraction issuers, both as mandated by the Dodd-Frank Act (Sections 1502 and 1501, respectively).  At the same meeting, the SEC plans to consider rules eliminating the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act (JOBS Act).  The open meeting notice is available at this link: http://sec.gov/news/openmeetings/2012/ssamtg082212.htm.   For a discussion of the JOBS Act’s impact on the general solicitation rules, see Catherine T. Dixon, “Title II of the JOBS Act:  Are Reports of the Death of General Solicitation Premature?”, Insights (June 2012).