It has been a great week co-guest blogging here, and thanks to Walter Olson for making it happen and to my co-guest blogger James Maxeiner. And if I can intra-cross-post, James’s piece on self funding legal aid might be useful for those commenting on my opossum piece; perhaps some form of Germany’s plan for cases against municipalities? In particular, judges could assess at an early stage meritorious but low-damages cases and assign fees accordingly, and non-meritorious cases can be dealt with earlier.
Anyway, my last post for the week covers the SEC’s proposed new rule reversing the general prohibition on advertising for certain unregistered offerings, such as those under Rule 506. This was required by the new JOBS act, but it will be interesting to see if it has the effect of allowing more “accredited investors” (basically, people able to afford the risk of buying offerings that are not registered) into this market. Because over the last couple of years, FINRA, the self-regulating organization that regulates the brokerage industry, has been cracking down on such sales where it believes fraud occurred and imposing more regulations on the brokers who sell such offerings, thus giving them a strong disincentive to look for and sell these offerings.
Have a great Labor Day weekend!