Stan Keller, a Business Law partner in Edwards Wildman
's Boston office, discussed how the Securities and Exchange Commission Division of Corporation Finance (SEC) recently issued new guidance to clarify what constitutes a “beneficial owner” for purposes of the bad actor provision in 1933 Securities Act Regulation D Rule 506 in Bloomberg. In the article, "SEC Staff Issues New Guidance to Clarify ‘Beneficial Owner’ in Bad Actor Provision
," Keller said, "I expect we will see continued guidance to clarify the new 506 provisions and make them usable, similar to the bad actor guidance just issued. The SEC is committed to making the new capital raising opportunities workable consistent with investor protection."