SEC Won't Meet Deadline For Securities Advertising Rule

Law360, New York (June 27, 2012, 9:28 PM EDT) -- The U.S. Securities and Exchange Commission said Wednesday that it will miss a deadline for issuing a new rule allowing mass advertising of private securities offerings, saying the three-month timeframe Congress gave the commission was too restrictive.

The anticipated rule is called for by the Jumpstart Our Business Startups Act, which aims to make it easier for small companies and startups to attract capital. SEC Chairwoman Mary Schapiro is scheduled to appear before the House oversight committee Thursday to discuss the recently approved law.

“As I...
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