Rules Affecting Small Public Companies May Change

Law360, New York (July 19, 2007, 12:00 AM EDT) -- On May 23, 2007, the Securities and Exchange Commission (the “SEC”) voted to propose several modifications to its existing rules governing capital formation and reporting requirements for smaller public companies.

Last week, the SEC published the full text of these much-anticipated proposed rules in two releases.

Release 33-8813 proposes amending Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), to, among other things, shorten the holding period required before restricted securities held by “affiliates” (e.g., directors, executive officers and shareholders with control...
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