You can find the full text of the Dodd bill here.
Sections 412 and 926 are relevant to the startup community and in general largely preserve the existing legal framework:
- Federal preemption of state regulation of all accredited investor offerings remains the rule;
- No 120 day wait period for a filing with the SEC will be required (as originally proposed in the Dodd bill);
- The SEC is being instructed to adjust the net worth standard for an accredited investor to exclude the value of primary residences; and
- In Section 926, the SEC is being instructed to issue rules for the disqualification of offerings and sales of securities under Rule 506 that “bad actors” are involved in.