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SEC updates Compliance and Disclosure Interpretations

  • SEC (US Securities and Exchange Commission) Image

Jan 24, 2014

The SEC’s Division of Corporation Finance has issued updates to the Securities Act Rules section of the Compliance and Disclosure Interpretations (C&DIs).

The following sections of the C&DIs’ Securities Act Rules have been updated:

260.33 Discusses under what circumstances the issuer of an offering is required to take “reasonable steps to verify” the accredited investor status of investors who purchased securities in the offering before the issuer conducted the offering in reliance on Rule 506(c).
260.34 Clarifies when an issuer can switch from Rule 506(b) to Rule 506(c) if it already sold securities to non-accredited investors before relying on the Rule 506(c) exemption.

For more information, see the C&DIs’ Securities Act Rules on the SEC’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.