New York (HedgeCo.Net) – The SEC was expected today to repeal the ban on advertising, Title II of the JOBS Act, that was signed in to law by Obama on April 5th 2012. However the SEC has rescheduled it for a week from today, August 29th. The SEC has already missed the original July 4 deadline imposed by the JOBS Act.
The legislation would allow everyone from hedge funds to venture capitalists all the way down to crowdfunding platforms to solicit accredited investors for money.
“It is unfortunate for the fund industry that the SEC has not been able to implement the rules surrounding the JOBS act within the time period they have already had available.” Evan Rapoport, Founder and CEO of HedgeCo Networks, said “As a provider of hedge fund data for more than ten years, we know first hand the strong public desire to have access to hedge fund information and we have enough faith in the American people that when provided, they will use this data responsibly.”
GOP lawmakers are accusing the SEC of ‘ignoring the will of Congress’ and deliberately stalling the implementation of the bill.
“By kicking the can down the road, you are abdicating your responsibility to follow the law, failing to fulfill your sworn commitment to this Subcommittee, and ignoring the will of Congress and the President of the United States,” Rep. Patrick McHenry said in a letter to the SEC.
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