On July 12, 2007, the New York office authored an alert memorandum entitled, “SEC Proposes Amendments To Rules 144 and 145.” On June 22, 2007, the U.S. Securities and Exchange Commission published for comment significant changes to Rule 144 under the Securities Act of 1933. The proposed changes would, in particular, provide for relaxation of the safe harbor provisions of Rule 144 for sales of restricted securities. The Release also proposes generally to eliminate the “presumptive underwriter” provisions of Rule 145. The Commission approved the publication of these proposals for comment at its open meeting on May 23, 2007 as part of a package of proposals intended to facilitate public and private capital-raising activities and to ease disclosure requirements, in both cases particularly for smaller companies.