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GAO-13-817R 1 (2013-08-08)

handle is hein.gao/gaobadprp0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-325015 August 8, 2013 The Honorable Tim Johnson Chairman The Honorable Michael D. Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Disqualification of Felons and Other Bad Actors From Rule 506 Offerings Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Disqualification of Felons and Other 'Bad Actors' From Rule 506 Offerings (RIN: 3235-AK97). We received the rule on July 11, 2013. It was published in the Federal Register as a final rule on July 24, 2013. 78 Fed. Reg. 44,730. The final rule adopts amendments to the Commission rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).1 Section 926 requires the Commission to adopt rules that disqualify securities offerings involving certain felons and other 'bad actors' from reliance on Rule 506 of Regulation D. The rules must be substantially similar to Rule 262 under the Securities Act, which contains the disqualification provisions of Regulation A under the Securities Act, and must also cover matters enumerated in Section 926 of the Dodd-Frank Act (including certain state regulatory orders and bars). The stated effective date for this final rule is September 23, 2013. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. 1 Pub. L. No. 111-203, § 926, 124 Stat. 1376, 1851 (July 21, 2010) (codified at 15 U.S.C. 77d note). GAO-13-817R

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