Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

The following is not meant to be legal advice.

On May 23, 2007, the Securities and Exchange Commission (SEC) proposed measures to improve capital formation and reporting requirements for small public companies. Here is a summary of the proposed changes:  (1)  Scaled-Back Reporting proposed to be available to small business issuers with public floats up to $75 million versus $25 million limit; (2)  Integrating Regulation S-B into Regulation S-K and rescinding existing SB forms; (3) Regulation D Exemption to provide an exemption for sales to super-accredited investors that permits advertising; (4)  Simplify Form D and mandate electronic filing; (5)  Shorten the Rule 144 holding period from one year to six months for securities of reporting issuers.

There was a press release and more information about the proposed changes can be found on the web site.  It appears that several law firms and the ABA participated in the proposed changes.