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