The SEC has announced that at its July 10 meeting (tomorrow!) it will take up implementation of the JOBS Act provision to allow in effect public advertising of private placements.  This provision was included in the Act in an effort to foster financing of emerging companies and is so highly controversial that the SEC until now has failed to establish long-overdue procedures and regulations to permit implementation.  The text of the SEC announcement is set forth below; stay tuned.

SEC announcement:

The Commission will consider whether to adopt amendments to eliminate the prohibition against general solicitation and general advertising in certain securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act.