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MAKING SENSE OF DODD-FRANK

The Dodd-Frank Act has broad and deep implications that will touch every corner of financial services and multiple other industries. This site, developed and maintained by attorneys at Stinson Leonard Street, is dedicated to making sense of this complex legislation and helping businesses understand how it will affect them specifically. Our Bloggers ยป

Dodd-Frank

SEC Adopts Rules to Permit Public Companies to Use Regulation A+

by   |   January 4, 2019

As required by the Economic Growth, Regulatory Relied and Consumer Protection Act, the SEC has adopted final rules which will permit public companies to rely on the exemption from registration to offer securities in amounts of up to $50 million afforded by Regulation A. The new rules will be effective upon publication in the Federal Register. That has not yet occurred, presumably as a result of the government shutdown.

In addition to deleting the prohibition in the rules which prevents public companies from using Regulation A, the final rules specify that the duty to file periodic reports under Regulation A is met if:

  • the issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, and
  • as of the due date of Regulation A required periodic reports, the issuer has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period that the registrant was required to file such reports) preceding such due date.