RICHMOND, VA – On March 25, 2015, the Securities and Exchange Commission (“SEC”) held an open meeting to vote on adoption of rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act, otherwise known as “Regulation A+”.

The proposed rule was promulgated in December, 2013, and was well received by the private markets.

Perhaps the most important issue that the private market has been waiting to hear on was the provision for preemption of state blue-sky review of Tier 2 offerings contained in the proposed rules. On that point, the final rules preempt state review, maintaining the proposed definition of “qualified purchaser”.

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