New On-Demand Recording of Reg. A+ Webinar

May 29, 2015

Businessman looking through a magnifying glassA recording of Andy Duggan’s webinar explaining the operation of “Reg. A+” is now available on the Business Law Center archive page (scroll down to “Events”). Reg. A+, a revamped version of SEC Regulation A (17 CFR § 230.251, et seq. (Reg.A)), was first proposed by the Jumpstart Our Business Startups Act of 2012 (PL 112-106, 126 Stat 306 (2102) (JOBS Act)), and is scheduled to go into effect on June 29th.

The JOBS Act sought to “encourage small companies to go public in the U.S. (Reopening American Capital Markets, HR Rep No 112-406, 112th Cong, 2nd Sess (2012) reprinted in 2012 U.S.C.C.A.N. 278),” and to further this aim, section 401 ordered the SEC to reinvigorate Reg. A – a little-used ’33 Act offering exemption.

Revised Reg. A first appeared in January 2014 (79 Fed Reg 3926-01 (2014)), and was quickly dubbed “Reg. A+.” Some heralded Reg. A+ as an “historic turning point (Samuel S. Guzik, Regulation A+ Offerings – A New Era at the SEC, Harvard Law School Forum on Corporate Governance and Financial Regulation, (Jan. 15, 2014)),” but Massachusetts Secretary of State William Galvin was “dismayed and shocked” to find that Reg A+ offerings would be exempt from state blue sky laws (Proposed Rule Amendments for Small and Additional Issues Exemptions Under Section 3(b) of the Securities Act, Comments of William F. Galvin, 2013 WL 6842757 (Dec. 18, 2104)). The SEC adopted Reg. A+ on April 20 of this year (80 Fed Reg 21806 (2015)), and on May 21st, Galvin filed a Petition for Review, and a request for a permanent injunction, with the D.C. Court of Appeals (Petition for Review, Galvin v. U.S. S.E.C, 15-1150 (US Ct App DC Cir Filed May 22, 2015)).

To learn more about our monthly webinar series, listen to any of the archived presentations, or sign up for June’s program on PIPE transactions, please visit the Business Law Center webpage.