The US Securities and Exchange Commission (SEC) is
reconsidering the ban on journalist solicitation during
private placements in the wake of bloggers, social media and
24/7 news, according to an SEC official.
It also may review the reporting requirements for foreign
private issuers whose only listing is in the US.
Meredith Cross, director of the SEC's Division of Corporate
Finance, speaking in a personal capacity, told the PLI
Institute on Securities Regulation in London yesterday that
the rules governing private placements were written in an age
before the multiple channels of communications that are
common today were in existence. Cross said that chairman
Shapiro has asked her to look again at the regulations.