SEC votes to lift general solicitation ban

The SEC voted 4-1 on Wednesday to adopt a final rule that ends a ban on the general solicitation and advertising of private offerings by companies and funds. The end of the ban was mandated by the Jumpstart Our Business Startups (JOBS) Act. SEC will still require companies and funds to take "reasonable steps" to ensure investors are accredited, including through tax returns or bank account statements. The commission defines accredited investors as banks, investment firms or charities with assets over $5 million, and individuals with a net worth over $1 million or an annual income over $200,000. ...