Securities Advisory: New SEC Rule 155: Integration of Abandoned Offerings
2/1/2001
This article describes Rule 155 under the Securities Act of 1933, which creates a new safe harbor under which an issuer that withdraws a registration statement for a public offering can quickly commence a private offering of its securities without running afoul of the so-called "integration" doctrine contained in the federal securities laws. The SEC has also created a safe harbor from integration for a public offering following an abandoned private offering. In addition, this advisory gives a brief background of the concept of integration, and sets forth steps to be taken by issuers that wish to take advantage of the new rule.
