Regulatory Alerts2019-10-04 | 2019-21304Added
Solicitations of Interest Prior to a Registered Public Offering
The Securities and Exchange Commission adopted Rule 163B to permit all issuers to engage in oral or written communications with qualified institutional buyers and institutional accredited investors to gauge interest in a contemplated registered offering. This final rule extends the existing test-the-waters exemption previously available only to emerging growth companies to all issuers, including investment companies, both before and after the filing of a registration statement. The adopted rule allows these communications without filing requirements or specific legends, while maintaining subjectivity to Section 12(a)(2) liability and anti-fraud provisions under the Securities Act of 1933.
Topics
Share