July 2013

SEC Lifts Ban on General Solicitation in Certain Private Securities Transactions, Disqualifies “Bad Actors” from Rule 506 Offerings

On July 10, 2013, the Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) that eliminate the long-standing prohibition on ge…

New Delaware and Rhode Island Laws Define Benefit Corporations

Legislation signed into law in both Delaware and Rhode Island last week has created a new hybrid form of business entity: benefit corporations. Benefit corporations (also known as “B-corps”) are a new category of for-profit corporation, in which boards…

June 2013

Mortgage Foreclosure Procedures – New Massachusetts Regulations Effective June 21, 2013

The Division of Banks released final amendments to the state Foreclosure Prevention regulations in early June, which implement Massachusetts General Laws ch. 244 §35B.  The revised regulations become effective June 21, 2013.  Use of the regulatory form …

SEC Issues FAQs on Conflict Mineral Rules

On May 30, 2013, the Division of Corporation Finance at the Securities and Exchange Commission (the "SEC") issued Frequently Asked Questions ("FAQs") on disclosure relating to the use of conflict minerals from the Democratic Republic of the Congo (DRC) or …

SEC Issues Guidance On Social Media Disclosure

In July 2012, Netflix's President, Reed Hastings, announced on his personal Facebook page that Netflix had streamed 1 billion hours of content in June. Netflix is a public company, and the Securities and Exchange Commission ("SEC") subsequently commenced …

May 2013

Tax-Exempt Issuers and Borrowers Need Written Post-Issuance Compliance Policies

ARE YOU A NON-PROFIT OR GOVERNMENTAL ENTITY WITH OUTSTANDING TAX-EXEMPT BONDS? ARE YOU CONSIDERING FINANCING A PROJECT USING TAX-EXEMPT BONDS? IF SO, YOU SHOULD HAVE A WRITTEN "POST-ISSUANCE COMPLIANCE POLICY" IN PLACE.The status of an issuer or borrower a…