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Aguilar: SEC Should Consider Conditional Waivers, Online Database

Joe Mont | August 31, 2015

In March, responding to an ongoing debate over  how and when waivers are granted for companies that otherwise face an automatic disqualification from registration exemptions when raising capital, the Securities and Exchange Commission’s Division of Corporation Finance issued new guidance on how it evaluates waiver requests. Now, Commissioner Luis Aguilar has a few ideas of his own—including conditional waivers and an online database—for improving the process and improving transparency.

Companies that violate federal securities laws or enter into a settlement of SEC charges lose their Regulation A and Regulation D exemptions for Rule 506 and Rule 505 eligible private placements. CorpFin can issue a waiver from those disqualifications, at its discretion, provided that the violations are not related to the offerings. In some cases, the decision is bumped up to commissioners.

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