ENDNOTES
1 Securities Act of 1933, 48 Stat. 74 (May 27, 1933), codified at 15 USC § 77a et seq.
2 Securities Exchange Act of 1934, 48 Stat. 881 (June 6, 1934), codified at 15 USC § 78a et seq.
3 15 USC § 77e. 4 15 USC § 77e(b). 5 See
http://www.gt.com/staticfiles//GTCom/Public%20co mpanies%20and%20capital %20markets/Files/IPO%20crisis%20- %20June%202010%20-%20FINAL.pdf.
6 See id. 7 See
http://online.wsj.com/article/SB1000142405274870 4630004576249182275134552.html?KEYWORDS =%22new+stock+rules%22.
8 See James C. Brau & Stanley E. Fawcett, Initial Public Offerings: An Analysis of Theory and Practice, 61 J. Fin. 399 (2006), available at
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=5 30924.
9 Securities Act Release No. 33-8514, 87 S.E.C. Docket 1138 (Feb. 28, 2006); Exchange Act Release No. 34-50864, 84 S.E.C. Docket 1340 (Dec. 16, 2004).
10 Advisory Committee on Smaller Public Companies, Charter, available at
http://sec.gov/info/smallbus/acspc.shtml.
11 Letter from Keith F. Higgins, Chair, ABA Committee on Federal Regulation of Securities, to John W. White, Director, Division of Corporation Finance (Mar. 22, 2007), available at
www.abanet.org/buslaw/committees/CL410000pub/c omments/20070322000000.pdf .
12 See
http://www.knowledgemosaic.com/resourcecenter/Iss a.041211.pdf.
13 See
http://www.sec.gov/news/press/schapiro-issa- letter-040611.pdf.
14 See, e.g. D. Weild and E. Kim, A Wake Up Call for America, Grant Thornton LLP (2009); Committee on Capital Markets Regulation, Continued Erosion in Competitiveness of the U.S. Equity Markets (2009).
15 See C. Caglio, K. Weiss Hanley and Marietta- Westberg, Going Public Abroad: The Role of International Markets for IPOs (Feb. 2011).
16 The Securities Act does not state when the pre-filing period begins. The SEC has stated that an issuer will be in registration at least from the time it begins preparing the related registration statement or the time it has reached an understanding with an underwriter, even if all the terms or conditions of the underwriting arrangement have not been agreed upon. See Release No. 33-5009, Publication of Information Before or After the Filing and Effective Date of a Registration Statement Under the Securities Act of 1933 (Oct. 7, 1969); Release No. 33-5180, Guidelines for Release of Information by Issuers Whose Securities Are in Registration (Aug. 16, 1971).
17 See Securities Act § 5(c). 18 See Securities Act § 5(b)(1). 19 See Release No. 33-8591, Securities Offering Reform (July 19, 2005),
http://www.sec.gov/rules/finaI/33- 8591.pdf.
20 See, e.g., Final Report of the Advisory Committee on Smaller Public Companies to the U.S. Securities and Exchange Commission (April 23, 2006),
http://www.sec.gov/info/smallbus/acspc/acspc- finalreport.pdf; Joseph McLaughlin, How the SEC Stifles Investment – and Speech, The Wall Street Journal (February 3, 2011). Concerns about the scope of the Commission’s rules on general solicitation and advertising have been raised by the participants in the annual SEC Government-Business Forum on Small Business Capital Formation. See 2009 Annual SEC Government-Business Forum on Small Business Capital Formation Final Report (May 2010),
http://www.sec.gov/info/smallbus/gbfor28.pdf.
21 See Pinter v. Dahl, 486 U.S. 622, 644 (1988) (“The purchase requirement clearly confines §12 liability to those situations in which a sale has taken place. Thus, a prospective buyer has no recourse against a person who touts unregistered securities to him if he does not purchase the securities.”).
22 For example, crowdfunding was discussed at the SEC’s November 2010 Forum on Small Business Capital Formation. Participants in the Forum recommended that the SEC consider implementing a new exemption from Securities Act registration for crowdfunding, which would include offerings of up to $100,000 and a cap on individual investments not to exceed $100. In January 2011, representatives
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