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Friday, December 20, 2013

SEC Proposes to Increase Small Firm Access to Capital

The SEC proposed rules under the JOBS Act intended to increase access to capital for smaller companies, including community banks. The proposal creates a new offering tier, called Tier 2, under Regulation A that raises the registration exemption threshold from $5 million to $50 million within a 12-month period.

Banks electing to offer securities under the higher-exemption Tier 2 would be required to submit audited financial statements and file regular reports. Tier 2 offerings would also preempt state securities regulations. Comments will be accepted for 60 days after the proposal is published in the Federal Register.

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