The sticking point? Rulemakers are stymied by the lack of clarity on key issues such as crowdfunding and general solicitation and advertising of private offerings — issues that some say clash with provisions of the Sarbanes–Oxley Act and the Dodd–Frank Wall Street Reform and Consumer Protection Act.
An even greater sticking point? Dodd-Frank. The SEC, tied up with the slow pace of rulemaking with Dodd-Frank, which was passed in 2010, simply doesn’t have the resources to speedily resolve JOBS.
Of the 398 total rulemaking requirements in Dodd-Frank, 127 or 31.9 percent have been met with finalized rules, and rules have been proposed that would meet 135 or 33.9 percent more. Rules have yet to be proposed for more 139 or more than one third of the total, according to a report by Davis Polk, a New York law firm that routinely tracks progress on Dodd-Frank rulemaking.
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