News & Analysis as of September 9, 2025

General Solicitation › New Rules

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General Solicitation typically refers to the soliciting of investors to purchase securities. Prior to the passage of the JOBS Act in 2012, general solicitation was banned in connection with privately offered unregistered securities. Issuers were only permitted to offer such securities to investors with whom they had a pre-existing substantive relationship. Section 201(a) of the JOBS Act lifted the ban on general solicitation, but only with respect to accredited investors. less -

Holland & Knight Defense Situation Report: July 2025

Holland & Knight LLP on 8/6/2025

Welcome to Holland & Knight's monthly defense news update. We are pleased to bring you the latest in defense policy, regulatory updates and other significant developments....more

New Rule 148 To Exempt “demo Days” From General Solicitation

Mintz Edge on 11/23/2021

Effective as of March 15, 2021, the Securities and Exchange Commission (the “SEC”) adopted the new Rule 148 which permits entrepreneurs to speak more openly about opportunities for investment in their new enterprises at “Demo...more

SEC Amends Rules to Facilitate Capital Raising in Private Offerings

Proskauer Rose LLP on 11/12/2020

On November 2, 2020, the Securities and Exchange Commission adopted amendments to facilitate the use of private, or “exempt,” offerings. The changes will impact offerings structured pursuant to Section 4(a)(2), Regulation D...more

“Testing-the-Waters” for All

Fenwick & West LLP on 10/3/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) voted to adopt new Rule 163B under the Securities Act of 1933, as amended (Securities Act), to expand the “testing-the-waters” (TTW) accommodation —...more

SEC Extends "Test the Waters" to All Issuers

Wilson Sonsini Goodrich & Rosati on 10/2/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) announced that it had voted to adopt new Rule 163B, extending the "test the waters" accommodations previously available only to emerging growth...more

SEC Adopts New Rule 163B to Permit “Test-the-Waters” Communications for All Issuers

Akin Gump Strauss Hauer & Feld LLP on 10/1/2019

On September 25, 2019, the Securities and Exchange Commission (SEC) adopted new Rule 163B under the Securities Act of 1933 (Securities Act) to allow all issuers to engage in “test-the-waters” communications in connection with...more

Social Media Compliance Guide For Issuers, Broker-Dealers, And Advisers

Mayer Brown Free Writings + Perspectives on 7/9/2018

[author: Trevor Starer] The use of social media raises many securities law and compliance challenges for issuers, broker-dealers, and investment advisers. This Compliance Guide summarizes briefly some key principles. ...more

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