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.
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