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Corporate

Aug. 16, 2013

New securities offerings rule raises preemption questions

Corporate lawyers say nuanced legal questions about a section of the JOBS Act allowing general solicitation for securities offerings must be answered before the new rule takes effect in September.


By Dominic Fracassa


Daily Journal Staff Writer


For the past 80 years or so, privately held U.S. companies and investment funds wanting to raise money by selling stock had two choices: conduct a public offering registered through the Securities and Exchange Commission, or avoid public filing burdens by selling only to accredited investors and a very limited number of unaccredited investors. If companies chose the second option, they were forbidden from w...

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