{"id":3338,"date":"2012-11-15T17:52:56","date_gmt":"2012-11-16T00:52:56","guid":{"rendered":"http:\/\/firemark.com\/?p=3338"},"modified":"2012-11-15T18:08:15","modified_gmt":"2012-11-16T01:08:15","slug":"update-on-status-of-jobs-act-revisions-to-regulation-d-rule-506-securities-offerings","status":"publish","type":"post","link":"https:\/\/firemark.com\/2012\/11\/15\/update-on-status-of-jobs-act-revisions-to-regulation-d-rule-506-securities-offerings\/","title":{"rendered":"Update on status of Jobs Act revisions to Regulation D, Rule 506 securities offerings"},"content":{"rendered":"

\"Raising<\/p>\n

Last April, Congress passed, and President Obama signed into law, the JOBS Act. \u00a0One important component of that act loosened restrictions on the way film and theatre producers companies can obtain financing through private offerings under Rule 506. \u00a0This has been the preferred approach to independent financing for films and theatre projects for some time, largely due to simplified State “Blue Sky” procedures. \u00a0Now, things are getting even better for those seeking investment under this system.<\/p>\n

The JOBS Act requires the SEC to implement rule changes to allow \u00a0previously prohibited general solicitation<\/strong>\u00a0(i.e., public advertising) of offerings, provided the offering is made only to Accredited Investors<\/a> (investors who satisfy certain wealth, income and investment sophistication standards).<\/p>\n

These changes represent the most significant change to the Regulation D private placement \u00a0system in several years. \u00a0This will result in far more effective promotion of Regulation D 506 offerings to investors. \u00a0Under the new rules, issuers can create what is essentially a quasi-public offering allowing general advertising and solicitation, \u00a0while \u00a0keeping the benefits of a true private placement. \u00a0<\/span><\/span><\/p>\n

The SEC is expected to finalize the rule\u00a0changes within the next 90 days. \u00a0For now, I'm counseling clients to treat their offerings as \u00a0“Rule 506 Accredited Investor Only” \u00a0to \u00a0allow \u00a0us to use the new 506c exemption \u00a0once it is available.<\/span><\/span><\/p>\n

If you're considering financing a film or theatre project, it makes sense to plan for the implementation of the new rules, and if appropriate, take advantage of the option for general solicitation. \u00a0But, before doing so, it's important to consult with a qualified, experienced entertainment lawyer.<\/p>\n\n\n\n
\n

If you're planning a film project in 2013, you won't want to miss our Film Finance Bootcamp<\/strong>. Enrollment is limited, and opens again in January. So, sign up at http:\/\/filmfinancebootcamp.com<\/em><\/a>, and we'll let you know as soon as spots are available.<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Last April, Congress passed, and President Obama signed into law, the JOBS Act. \u00a0One important component of that act loosened restrictions on the way film and theatre producers companies can obtain financing through private offerings under Rule 506. \u00a0This has been the preferred approach to independent financing for films and theatre projects for some time, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[131,168,169,174,175,171,172,173,170],"yoast_head":"\nUpdate on status of Jobs Act revisions to Regulation D, Rule 506 securities offerings - Entertainment Law Offices of Gordon P. 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