NEW YORK ( TheStreet) --The JumpStart Our Businesses Act, or JOBS Act, needs a jumpstart itself. Progress, however, finally seems to be happening as the SEC is scheduled to hold an open meeting on July 10 to vote on the Title 2 portion of the Act. It isn't the crowdfunding portion that many are anxiously awaiting, but it is a sign of action which is giving the crowdfunding crowd a feeling of hope. Title 2 was supposed to be completed 90 days after the enactment of the JOBs Act, but has only gone so far as a set of proposed rules dating back to August of 2012.This portion of the JOBS Act addresses the approval of advertising for securities sales to accredited investors and requiring the issuers take steps to make sure the investors are indeed accredited. The SEC received 220 comments regarding Title 2, with the majority opposed to the proposal due to fears of fraudulent offerings. The other group was very much in favor of the proposed rules saying it would boost capital formation, but did request specific verification methods to make sure they were satisfying that requirement.
SEC To Rule on JOBS Act
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