On August 29th, the SEC published for public comment proposed rules eliminating the prohibition against general solicitation and general advertising in certain securities offerings. Under the proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities under Rule 506 of Regulation D and Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). Although the proposal lifts the general solicitation ban, only accredited investors would be allowed to purchase the securities being offered. Comments should be submitted within 30 days after publication in the Federal Register, which is expected during the week of September 3. SEC Press Release. In their opening meeting remarks, Commissioners Elisse B. Walter and Luis A. Aguilar raised investor protection concerns and regretted that the proposal did not include additional requirements. Commissioners Troy A. Paredes and Daniel M. Gallagher lamented the length of time it has taken the SEC to publish the proposal and the fact that no interim final rule was released.