The JOBS Act gave the SEC 90 days to implement new rules for general solicitation in a securities offering made under Rule 506. Originally the deadline was July 4. The SEC said that deadline was unrealistic (which is probably true) and set discussion of the rule change as an agenda item for the August 22nd Open Meeting.

That discussion never happened. The SEC again pushed it from their agenda:

The following item will not be considered during the Commission’s Open Meeting on August 22, 2012 at 10:00 a.m.:

The Commission will consider rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act.

This item is being rescheduled for consideration at an Open Meeting on August 29, 2012 as announced in a separate meeting notice.

So we will have to wait until at least next Wednesday to see what the SEC has to say on general solicitation. Until then, and likely much longer, general solicitation and advertisement of an unregistered securities offering remains illegal.