SEC to miss July 4 JOBS deadline

SEC Chairman Mary Schapiro said the agency will miss a July 4 deadline under the Jumpstart Our Business Startups Act to revise rules to allow general solicitation and advertising of private offerings. Schapiro said the time limits for the rulemaking process for the provision imposed by the law were "not achievable," but did note that the agency will issue a rule in the "very near future." The comments came in prepared testimony last week to the House Oversight & Government Reform Committee's TARP, Financial Services and Bailouts of Public and Private Programs subcommittee. ...