US Securities Law Briefing: SEC Extends “Testing the Waters” to All Issuers

In yet another step designed to invigorate the US public offering environment and liberalize the US federal securities laws, the US Securities and Exchange Commission has voted to adopt a new rule expanding an exemption from the strict communications rules governing US public offerings. The rule will permit all issuers, including foreign issuers and investment fund issuers, to communicate with certain institutional investors at an earlier stage of the offering process. It will become effective 60 days after it is published in the Federal Register.

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