On December 6th, Reuters noted that one year after it was supposed to have acted, the SEC has yet to complete the rulemaking required by Section 926 of the Dodd-Frank Act, which requires the agency to adopt rules that disqualify securities offerings involving certain "felons and other bad actors" from reliance on the safe harbor from Securities Act registration provided by Rule 506 of Regulation D. The rules must be "substantially similar" to Rule 262, the disqualification provisions of Regulation A under the Securities Act, and must also cover matters enumerated in Section 926 (including certain state regulatory orders and bars). Investor advocates would like the SEC to complete its "bad actors" rulemaking before it adopts rules implementing the JOBS Act's provision lifting the Securities Act's general solicitation ban for private offerings. Bad Actors. Investment News discussed two enforcement actions brought by Massachusetts against recidivist securities law violators and a crowdfunding warning issued by the North American Securities Administrators Association. Recidivist Warning.