Final Rule
Disqualification of Felons and Other "Bad Actors" From Rule 506 Offerings
Overview
We are adopting amendments to our rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 926 requires us to adopt rules that disqualify securities offerings involving certain "felons and other `bad actors'' from reliance on Rule 506 of Regulation D. The rules must be "substantially similar' to Rule 262 under the Securities Act, which contains the disqualification provisions of Regulation A under the Securities Act, and must also cover matters enumerated in Section 926 of the Dodd-Frank Act (including certain state regulatory orders and bars).
Prior Actions
Proposed Rule (33-9211)
Release Number
33-9211
SEC Issue Date
May 25, 2011
Federal Register Publish Date
June 1, 2011
Document Citation
76 FR 31518
RIN
3235-AK97
Resources
Details
File Number
S7-21-11
Rule Type
Final
Release Number
33-9414
SEC Issue Date
July 10, 2013
Effective Date
September 23, 2013 Comment Date: August 23, 2013
Federal Register Publish Date
July 24, 2013
Document Citation
78 FR 44729
RIN
3235-AK97