Politics

SEC Commissioner Stein Talks Blue Sky, JOBS Act in Speech to NASAA

Commissioner Kara M. Stein BW

In a double header day, SEC Commissioner Kara M. Stein also addressed the North American Securities Administrators Association (NASAA) at their 2014 Public Policy conference in Washington, DC. Introduced by NASAA President Andrea Seidt from Ohio, Commissioner Stein dove right in to addressing the pressing concerns of the NASAA. Blue Sky Review finds it origins… Read More

SEC Commissioner Aguilar Talks Crowdfunding, JOBS Act in Speech to NASAA

Luis A. Aguilar

In a speech given today to the North American Securities Administrators Association (NASAA) at their annual conference held in Washington, DC, SEC Commissioner Luis A. Aguilar addressed the hot topic of the JOBS Act and some of the exemptions regarding crowdfunding. The NASAA has been very vocal about their apprehension towards crowdfunding.  Regarding proposed rules… Read More

Financial Services Committee Schedules Hearing on Legislative Proposals to Enhance Capital Formation

United States Capitol Building Stop

The House Committee on Financial Services has scheduled a earing entitled “Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies”.  The hearing is taking place this Wednesday, April 9, 2014 10:00 AM in 2128 Rayburn HOB.  This is a one panel hearing and will take testimony from the following witnesses:  Mr. David R…. Read More

Federal Reserve Governor Jeremy C. Stein Speech on Crowdfunding

Jeremy Stein

Recently we reported that Federal Reserve Governor Jeremy C. Stein gave a speech in Washington, DC, on March 24, 2014, that tackled the innovation of crowdfunding.  Apparently the subject matter was a bit of a surprise topic.  Stein was quoted saying; “Why is the Fed interested in this topic?” First, at a fundamental level, it’s… Read More

P2P Questions in China Indicate Need for Regulation

Flag_of_the_People's_Republic_of_China

In a story recently filed by Chinese state press agency Xinhua, questions arose about the growing business of peer-to-peer (P2P) lending. Apparently over 70 P2P crowdfunding platforms collapsed last year, around 60 in the fourth quarter. The dramatic increase in failures has alerted investors, along with regulators, to the enormous potential for default accompanying promised… Read More

SEC Investor Advisory Committee Schedules Meeting for April 10

SEC logo

The Securities and Exchange Commission Investor Advisory Committee has scheduled a meeting for April 10, 2014 to take place from 10AM to 4:30PM EST. The agenda for the meeting includes: remarks from Commissioners; remarks from the Investor Advocate; election of Investor Advisory Committee Chair; a recommendation from the Investor as Purchaser Subcommittee regarding crowdfunding regulations; and nonpublic subcommittee… Read More

Equity Crowdfunding in Canada (Infographic)

Canada Equity Crowdfunding

Here is a great infographic on the status of equity crowdfunding in Canada.  This is courtesy of Oscar Jofre, CEO and Founder of BoardSuite & Co-Chair of the ECFA Canada. On March 20, 2014, there was a country wide announcement by Canadian regulators regarding proposed regulatory approach to the new form of finance. The below… Read More

European Crowdfunding Legislation: What’s Taking So Long?

Should the EU Monitor Instead of Implementing European Crowdfunding Regulations?

As the U.S. is making major efforts to implement the JOBS Act, the European Union seems to be only capable of analyzing the developments, as J.D. Alois’ article “EC Releases Communication on Long Term Financing Including Crowdfunding” shows. The most important conclusion was that the European Union should monitor, rather than develop and implement legislation…. Read More

Will a $1 Million Crowdfunding Raise Cost $200,000?

A Crowd of $100 Benjamin Franklin

In a posting on the Wisconsin Angel Network, the statement was made that a $1 million crowdfunding raise could cost $200,000 to complete.  Not very exciting for small companies looking to raise capital, nor the investors who are interested in funding startups.  Of course we all know that any cost of an equity crowdfunding raise… Read More

Alabama Legislature Sends Crowdfunding Bill to Governor to Sign Into Law

Alabama_Capitol_Building

State Securities Commissioner Commends Lawmakers on Getting Bill Passed. The Alabama House of Representatives passed Senate Bill 44 yesterday, April 1, 2014, and it now awaits the Governor’s signature to become law. State Senator Arthur Orr (R), 3rd District, sponsored the bill and with the support of Senate Pro Tem Del Marsh (R), 12th District,… Read More

Indiana Signs Crowdfunding Bill Into Law

Indiana Small Businesses Engine of Economy

Governor Mike Pence has signed into law, Senate Bill 375, the state exemption to allow investment crowdfunding for companies and investors located in the state of Indiana.  The law becomes effective on July 1, 2014. A vital part of the Governor’s legislative agenda, the bill was crafted in recognition of the importance of small businesses… Read More

Washington State Has Legalized Equity Crowdfunding

Jay Inslee

Governor Jay Inslee signed HB2023 last week, on March 28, 2014, making equity crowdfunding legal in the state of Washington.  This bill will allow businesses created in the state and doing business there to raise up to $1,000,000 in any 12 month period.  Any investor may participate but there are “investor caps” similar to the… Read More

European Crowdfunding Network Comments on EC Communication

Oliver Gajda

The European Crowdfunding Network (ECN), has shared their thoughts on the recently released communication by the European Commission (EC) on crowdfunding. Last week the EC released several documents and statements pertaining to a “consultation” on the innovative new form of capital formation.  They garnered comments and feedback from industry participants and observers from around the… Read More

In Hawaii, Proposed Bill Would Establish First-Of-Its-Kind Civic Crowdfunding Program For School Repairs

hawaii 3rs

A bill proposed in Hawaii’s House of Representatives aims to establish a pilot program for civic crowdfunding in the island state. HB 2631 was introduced on January 23rd of 2014 and its five sponsors include members from both sides of the aisle, continuing a trend of bipartisan support for crowdfunding efforts at the state level…. Read More

In Equity Crowdfunding, The Redcoats are Winning

Redcoats WyrdLight.com

Fresh from my trip across the pond, I can tell you I have seen the light. Crowdfunding can and is working and we (the United States) are behind the eight ball on this one. When describing the US regulatory regime to crowdfunding professionals in the UK I would first encounter shock (that the UK system… Read More

Crowdfunding in the EU Consultation Data

European Commission

Crowdfund Insider recently published the report put together by the European Commission regarding crowdfunding.  While there is plenty of information for anyone interested in crowdfunding the document below is the data on the respondents for the report.  So if you are curious as to how many people from which country and from which industry participated… Read More

NASAA Challenges SEC on Proposed Revisions to Regulation “A”

Photo_Andrea_Seidt

The North American Securities Administrators Association (NASAA) has called upon the Securities and Exchange Commission (SEC) to make substantial revisions to its Regulation A proposed rule.  The NASAA has requested these changes be made “to remove potential harms to issuers and investors, especially those of modest means”. The comment letter filed with the SEC on… Read More

Keith Higgins Talks JOBS Act in Speech to Angel Capital Association

Keith Higgins Director SEC Division of Coporation Finance

The Director, Division of Corporation Finance at the Securities and Exchange Commission, Keith Higgins, gave the keynote address at the Angel Capital Association Summit in Washington, DC today. Higgins, who has been in the thick of rulemaking with the JOBS Act and correspondingly all types of crowdfunding, comments on the legislation and specifically addresses, general solicitation… Read More

US Chamber of Commerce Comments on EU Crowdfunding

US Chamber of Commerce logo

The U.S. Chamber of Commerce is the world’s largest business organization representing the interests of more than 3 million businesses of all sizes, sectors, and regions. The organization’s members range from mom-and-pop shops and local chambers to large corporations.  The group is really global in nature, just like business, having representative offices around the globe…. Read More

Crowdfunding in the European Union – FAQ

European Commission

As part of the massive release from the European Commission today on their Roadmap to meet the long term financing needs of  European Union, the EC published a document on Frequently Asked Questions regarding crowdfunding. While some of the responses are basic, much of the world is still only vaguely aware of the power of… Read More