Waiting on the Sunshine Notice from the SEC

If the full 5-member Securities and Exchange Commission is holding a public hearing, they are required to give 10 days' public notice, which is typically listed in the SEC's website under "upcoming events." Given John White's statement last week that they are planning for the new small business proposals to be adopted before the end of the year, I am watching (well not every minute, gotta practice law after all) to see when we will have that 10 day notice with an agenda.

John had indicated that he wanted to underpromise and overdeliver, which leads me to believe that it is very possible the announcement is imminent. They may decide to approve all six proposals in one hearing, or it's possible they will split them up to two different hearings. And given how positive the comments have been overall, it is very likely the proposals will be approved without significant changes (though many of us wish certain changes will get a serious look as indicated in prior posts).

In every deal we are working on now, clients ask, "If they approve the Rule 144 shorter holding period, will it be retroactive?" Answer: I don't know, and I have asked multiple senior SEC staffers that question and they have not, shall we say, provided meaningful guidance on the issue. But it would seem logical that it should be retroactive. Fingers crossed on that, and on timing hopefully soon!