The Jumpstart Our Business Startups Act (the "JOBS Act") was signed into law more than one year ago, on April 5, 2012. Some of its provisions became effective immediately, while others directed the SEC to issue rules for the implementation of the intended changes within a stated period of time. Among the latter group, Section 201(a) and (b) of the JOBS Act directs the SEC to issue rules to relax the longstanding prohibition on general solicitation and advertising for certain private placements. Now long past the deadline by which the new rule was to be issued — the original deadline was July 4, 2012 — the rule has not been issued and there is no concrete update on the status of its issuance. Recently, SEC Commissioner Elisse Walter testified before the House Committee on Financial Services about the sharply divided comments the SEC has received regarding the proposed rule it published in August 2012. Several comments recommended clarifying the verification requirement of the proposed rule by supplementing the proposed framework for verifying accredited investor status. Others — including the SEC's Investor Advisory Committee formed by the SEC as required under the Dodd-Frank Act — were generally opposed to the proposed rule because of the increased potential for fraudulent activities. Commissioner Walter noted that the rule remains a high priority, but she did not commit to a date for the release of the rule.