The Emergence Of 3rd-Party Accredited-Investor Verifiers

Law360, New York (November 18, 2014, 10:38 AM EST) -- New regulatory regimes often create new business opportunities, and the Jumpstart Our Business Startups Act is no exception. About a year ago, on Sept. 23, 2013, issuers were permitted, for the first time and subject to certain restrictions, to use general solicitation in connection with private placements of securities under the newly created Rule 506(c), something that had been prohibited since the enactment of the Securities Act of 1933.

If an issuer takes advantage of this new flexibility, it is required to take reasonable steps to verify that all of the purchasers are accredited investors, in addition to meeting the other...

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