A recent rule proposal by the SEC could drastically reshape the exemptive landscape for private offerings. There are currently three votes on the Commission to pass the measures, but Commissioner Allison Herren Lee expressed her opposition to the proposals in a vigorous dissent.
She raised three main concerns in her critique. The first concerned the expansion of general solicitation, while the second involved the determination of accredited investor status. Finally, she criticized the Commission for acting without having adequate information on the workings of the private markets.
Commissioner Lee described how the amendments could allow issuers to conduct ...