The SEC announced that it will postpone its consideration of rules under the Jumpstart Our Business Startups (JOBS) Act until August 29, 2012. The SEC had scheduled an open meeting on August 22, 2012 to consider the rules.
The SEC is directed by the JOBS Act to eliminate through rulemaking the prohibition against general solicitation and general advertising in Regulation D offerings under the Securities Act and Rule 144A offerings under the Securities Act.
This is the second postponement. SEC Chairman Mary Schapiro earlier stated in June, 2012 when testifying before Congress that the mandated 90-day framework for rulemaking set forth in the JOBS Act, which required rules to be promulgated just in advance of July 4, was unrealistic.
Please click here for the notice of the open meeting.