Joan Heminway writes that:
Title II of the JOBS Act includes only one section--Section 201. Among other things, this section takes aim at the general solicitation/advertising prohibitions applicable to offeirngs under Rule 506 of Regulation D under the Securities Act of 1933, as amended (1933 Act). Specifically, the section requires the Securities and Exchange Commission (SEC) to modify the general solicitation/advertising provisions in Rule 502(c) so they will not apply to Rule 506 offerings if all purchasers in the offering are accredited investors. Section 201 also provides for a similar amendment to Rule 144A to allow securities to be offered "to persons other than qualified institutional buyers, including by means of general solicitation or general advertising, provided that securities are sold only to persons that the seller and any person acting on behalf of the seller reasonably believe is a qualified institutional buyer." This post only addresses the Regulation D part of Section 201 and only raises a few of the many issues to be faced in the rule-making process.
Good stuff and a helpful analysis of the key issues raised by the Act's provisions in this important area.