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SEC Adopts Securities Offering Reform

On June 29, 2005, the last day of William H. Donaldson’s tenure as chairman, the SEC adopted fundamental regulatory reforms that will significantly alter the registration, offering and communications processes under the Securities Act of 1933. The rules and regulations adopted or amended to implement the reforms will become effective December 1, 2005. We understand that the SEC staff will issue additional guidance on these reforms in September 2005.


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