In a recently issued Compliance & Disclosure Interpretation (Question #260.21), the SEC staff unequivocally stated that "bad actor" disqualification under Rule 506(d)(1)(v) is “triggered only by orders to cease and desist from violations of scienter-based provisions of the federal securities laws, including scienter-based rules.” In Kid, Did You Ever Go To Court?, I questioned whether the list of scienter based-based securities laws and regulations was readily or generally known. Recently, I came across the following non-exclusive list of scienter-based provisions:
Division of Corporation Finance, Statement on Well-Known Seasoned Issuer Waivers (July 8, 2011) at n. 6. The staff identified the following sections as non-scienter based: