SEC’s Retroactive Approach to Its Proposed Reg D ‘Bad Actor’ Rule Draws Criticism From Law Firms

在发送给美国证券交易委员会的评论信中，许多律师事务所写道，根据bob200体育1933年《 1933年证券法》规定的私人奉献规则，提出的规则中采取的追溯方法是设置了许多公平性问题。律师事务所还警告说，呼吁制定规则的《多德 - 弗兰克华尔街改革和消费者保护法》不需要追溯。

拟议的规则将防止犯罪主义者和重罪犯根据Reg D的规则506参加私人祭品。确定被禁止的人将基于取消事件，包括在通过Dodd-Frank法规之前发生的事件。一些律师事务所甚至表示，追溯申请将破坏已经谈判的行政和民事和解，同时加剧“无疑破坏私人资本形成”。但是，并非所有律师都不同意追溯拟议的“坏演员”规则。Shepherd Smith Edwards＆Kantas Ltd LLP创始人和securities fraud lawyer William Shepherdsaid, “What kind of attorney thinks it is inherently unfair to ‘bar felons and recidivist violators from participating in private offerings’ of securities sold to the public? Stand in front of a mirror and say that to yourself out loud.”

SEC has been divided about the proposed application of the rule and
Commissioners Troy Paredes and Kathleen Casey, who are both Republicans, strongly oppose it. SEC Chairman Mary Schapiro, however, has said that the retroactive approach should help protect investors, which is part of Dodd-Frank’s intent.

Meantime, the New York City Bar Association’s securities regulation committee has said that “inherent fairness” requires a “prospective application” of any rule that would penalize a party on the basis of a past settlement or adjudication. The committee also cautioned that should the SEC move forward with its proposal, so many “waiver requests” might come in that this could place a further strain on the Commission’s already taxed staff resources.

Rule 506 of Regulation D under the 1933 Securities Act
根据根据1933年《证券法》第5条规定第506条规定，受到特定制裁和诉讼程序以及涉及重罪或轻罪（涉及购买或出售证券bob200体育的重罪或轻罪的当事方）将禁止证券销售和供应证券。他们也不会被允许寻求《安全港法案》第506条的利益。该规则允许发行人获得《 1933年法案》的报告要求，还包括约93％的私人证券。bob200体育D

The proposal also wouldn’t allow a private placement to avail of the rule if the person or issuer covered by the rule had a disqualifying event (restraining order, criminal conviction, court injunction, USPS false representation order, certain commission disciplinary orders, commission “stop orders” to suspend exemptions, expulsion or suspension from belonging to an SRO or associating with an SRO member, and/or final orders of insurance, credit union regulators, or state securities banking.)

Related Web Resources:
Attorneys Decry Retroactive Approach Of SEC’s Reg D ‘Bad Actor’ Rule Proposal, BNA Securities Law Daily, July 21, 2011
关于撤离重罪犯和其他“坏演员”的评论，规则506产品, SEC.gov

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SEC提议禁止禁止“重罪犯和坏演员”参与私人产品，机构投资者证券博客，2011年5月29日bob200体育
SEC to Up Dollar Thresholds for When an Investment Adviser Can Charge Investors Performance Fees，股票经纪人欺诈博客，2011年5月24日
FINRA Wants Brokers Selling Regulation D Private Placements to Take Part in Tougher Due Diligence Process, Stockbroker Fraud Blog, June 7, 2011
Oursecurities fraud lawyersatShepherd Smith Edwards & Kantas LTD LLP代表全国各地的客户。我们帮助成千上万的投资者恢复了他们的损失。