Redefining General Solicitation for Securities Offerings in the Internet and Social Media Age
Update on Recent SEC Guidance and Other Developments
Recording of a 90-minute CLE webinar with Q&A
Conducted on Tuesday, January 31, 2017
Recorded event now available
This CLE webinar will discuss how the meaning of general solicitation of securities offerings has evolved in the past few years since the advent of the JOBS Act given the evolution of solicitation online and through social media channels. The program will focus on how the most recent SEC Guidance on general solicitation is being used in practice and how the recent changes to reinvigorate the intrastate offering exemption by amending Rule 147 and adopting new Rule 147A, and to increase the Rule 504 ceiling to $5 million, fit in.
Since the passage of the JOBS Act and the advent of solicitation of securities offerings via the internet and social media, both the SEC and private counsel are grappling with the redefining of the meaning of “general solicitation and general advertising.”
The SEC’s 2015 Compliance and Disclosure Interpretations (C&DIs) and Citizen VC letter provide some guidance on existing practices and offer some flexibility in online offering activities and investor presentation events. Key guidance is provided on establishing “preexisting” and “substantive” relationships, conveying factual business information, and dealing with angel investors.
Securities practitioners must keep abreast of actions that are permissible and those that are not. Actions that may have been ignored prior to the JOBS Act may not be overlooked in the future. This is true of both Rule 506(b) and (c) offerings, but also across the board including other exemptions and state law counterparts.
Listen as our authoritative panel of securities practitioners analyzes how the meaning of general solicitation of securities offerings has been redefined post-JOBS Act in an era of online and social media solicitation and how the landscape for exempt securities offerings has changed.
The panel will review these and other key issues:
- What does the SEC guidance mean for issuers and other participants in the offering process?
- How does the guidance for solicitation and advertising in the SEC’s C&DIs apply beyond Reg D offerings?
- What is the impact of the new intrastate offering exemptions (Rule 147 and Rule 147A) and raising the Rule 504 ceiling to $5 million?
- How do Section 4(c) platforms intersect with the SEC guidance?
- How do you deal with state blue sky laws that view general solicitation differently than does the SEC guidance?
- Overview of SEC Compliance and Disclosure Interpretations (C&DIs)
- Factual business information
- Establishing “preexisting” and “substantive” relationships
- Angel investor networks
- Demo days, pitch events, V.C. fairs
- Citizen VC letter: Establishing preexisting relationships with investors online
- What does it mean for issuers?
- Intrastate Offering Exemptions
- Rule 147 – refreshed with amendments
- Rule 147A – interstate offers, intrastate sales
- Applicability of new guidance beyond Reg D and intrastate exemptions
- Other exemptions under the Securities Act and changes in those exemptions
- Actions that constitute engagement in a “public offering”
- State counterparts
Yelena M. Barychev, Partner
Ms. Barychev concentrates her practice on securities laws and corporate governance matters. She advises management on public and private offerings of debt and equity securities, preparation of disclosure documents filed by public companies with the SEC, corporate governance issues and mergers and acquisitions. She has authored numerous articles and is a frequent speaker on securities compliance and corporate governance issues.
Stanley Keller, Of Counsel
Mr. Keller is a nationally recognized corporate and securities lawyer who advises clients ranging from emerging companies to industry leaders. His practice focuses on public and private securities offerings and other corporate financings, advising publicly traded companies on compliance with SEC rules, public disclosure requirements and best practices, the Sarbanes-Oxley Act, the Dodd Frank Act and the JOBS Act, and other securities law and stock exchange requirements. He also counsel clients on mergers and acquisitions and corporate governance.
Richard M. Leisner, Shareholder
Mr. Leisner is the firm’s senior securities lawyer. His broad-based corporate and securities law practice encompasses virtually all stages of the life cycle for public and private companies and their leaders and owners: all phases of capital formation and corporate transactions from start-up venture capital and Regulation D private placements through IPOs and ongoing SEC reporting, executive employment and equity-based benefits, mergers and acquisitions, private equity, spin-offs and other reorganizations, takeover contests (offense and defense) and SEC and other regulatory investigations. He is also experienced in counseling Boards of Directors on corporate governance, fiduciary duty and regulatory compliance issues, as well as on the conduct of internal investigations.
CLE On-Demand - Streaming Video
Includes recorded streaming video of full program plus PDF handouts.
On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.
AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.
**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.
CLE On-Demand Video $297.00
Includes full event recording plus handouts.
Strafford is an approved provider and self-study CLE credit is available in most states.
AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
Strafford will process CLE credit for one person on each recording.
Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email firstname.lastname@example.org to place your order.
Recorded Webinar Download $297.00
Recorded Audio Download (MP3) $297.00
DVD (Slide Presentation with Audio) $297.00 plus $9.45 S&H
Strafford webinars offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program). Please note that our webinars do not feature videos of the presenters.
Requires Adobe Reader 8 or later. Download Acrobat FREE.
Many states grant CLE credits for on-demand streaming audio programs and recorded events. Our programs are pre-approved in many states. Refer to our state CLE map for state-specific information.
Good straightforward presentation at a high level with good detail.
Cairncross & Hempelmann
I appreciated the sound practical advice from experienced counsel.
I liked that the program had a lot of exchange of practical advice and was very interactive among the speakers.
Robinson Sheppard Shapiro
I liked that Strafford's program covered real life situations and claims.
I thought the program was very well organized and presented.
Davis Polk & Wardwell
Banking & Finance Law Advisory Board
Alston & Bird
Orrick Herrington & Sutcliffe
Stradley Ronon Stevens & Young
Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.