On July 10th, the SEC published the adopting release and text for new Rule 506(c), thereby fulfilling the JOBS Act requirement that the agency remove the prohibition on general solicitation or general advertising for unregistered securities offerings made under Rule 506 of the Securities Act of 1933. Although the rule lifts the general solicitation prohibition for certain Rule 506 offerings, it does not do so for all private offerings, leaving in place the requirements for offerings made under Rule 506(b) and other Section 4(a)(2) offerings. The new Rule 506(c) provisions require issuers to take reasonable steps to insure only "accredited investors" invest and that actual sales be limited to accredited investors. The new rule is effective 60 days after publication in the Federal Register, which is expected during the week of July 15. SEC Release No. 33-9415.