A Funny Thing Happened on the Way to the (2014 SEC Government Small Business) Forum

Be The Change You Wish To See in the World Washington DC Capitol Building

As one who has represented small and emerging growth companies over the past 36 years in navigating access to the capital markets, I have closely followed the legislative and regulatory developments in Washington, D.C. since the enactment of the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Spurned by many factors, political, economic… Read More

CFIRA Set to Discuss JOBS Act & More at Regulatory Summit in Washington, DC

Washington DC Capitol Building

The Crowdfund Intermediary Regulatory Advocates (CFIRA) has scheduled a public event in Washington, DC, on November 21st, to update and review the community on various aspects of the JOBS Act including Title II, Title III and Title IV.  The 2nd Annual Regulatory Summit has been scheduled to follow the SEC’s annual Government Business Forum on Small… Read More

Illinois Intrastate Crowdfunding Exemption: The Reasoning Behind The Bill

Crowdfunding regulatory environment philosophy

As noted in my prior post, “Draft Bill: Illinois Intrastate Crowdfunding Exemption,” an official draft of my proposed Illinois Intrastate Crowdfunding Exemption was recently finished. To my surprise, people actually read it and I have been getting a lot of questions as to why I choose to make my bill so different than those of… Read More

Small Business SEC Regulatory Reform in Washington, DC: “All in on Red” on Election Day 2014

Election Day 2104 US Capitol

The place was Washington, D.C. The occasion was the Annual Meeting of the Angel Capital Association at the Hilton Hotel in March 2014. Hundreds of attendees were gathered for lunch in the main Ballroom, the largest in the City. The lineup of luncheon speakers was impressive, including Keith Higgins, Director of the SEC Division of… Read More

Kickstarter CEO Yancey Strickler Blasts FCC Approach on “Net Neutrality”

Yancey Strickler Kickstarter

Yancey Strickler, CEO and co-founder of global crowdfunding platform Kickstarter, has been a consistent and vocal advocate for equality in internet service.  He has joined a broad coalition of voices confronting internet service providers who are determined to denigrate service for some.  Broadband providers want more control over their service thus allowing to create “fast… Read More

David Weild: “NASAA is Doing Incredible Harm to The Economy and They Need to Stand Down” (Video)

David Weild

David Weild, former Vice Chairman of NASDAQ and current CEO of IssuWorks, made an appearance at the offices of Pepper Hamilton last week to discuss capital formation for small businesses. The event was organized by Dara Albright, a vocal advocate of crowdfunding and a leading voice on the JOBS Act. Weild started his presentation by… Read More

CFIRA Co-Chair DJ Paul Appointed to SEC Advisory Committee on Small & Emerging Companies

dj paul

DJ Paul, CFIRA Co-Chair and CSO of Propellr, has been appointed by SEC Chair Mary Jo White to become a member of the SEC Advisory Committee on Small & Emerging Companies for a term that begins immediately.  The SEC established this committee in 2011 as a conduit for advice on regulations and policies that impact… Read More

UK Project Innovate: Call for Input Feedback Statement (Document)

10£ Queen Elizabeth British Pounds

Embedded below is the published report by the Financial Conduct Authority (FCA) regarding feedback to their “Project Innovate”. Project Innovate was established to support industry innovation by  opening the FCA doors to businesses (large and small) who are developing innovative approaches that can benefit consumers in financial services markets. The FCA proposed to build an… Read More

An Open Letter to Chair White: It’s time to Lead the Crowd (funding)

Mary Jo White A Time for Leadershp

  The place: Washington, D.C. – the occasion: the swearing in of a new federal agency head – one charged in part with regulating the flow of capital to small businesses.  President Obama and others listened with a hopeful ear. Her words were inspiring, especially to small businesses and budding entrepreneurs: This country was founded… Read More

Draft Bill: Illinois Intrastate Crowdfunding Exemption

Illinois flag

Well it’s official. At long last my proposed Illinois intrastate crowdfunding exemption has been formally drafted as a proposed bill. It may be without a sponsor at the moment but one step at a time…. For those that are interested in reading the full proposed bill, it is attached below. PLEASE NOTE, my proposed bill… Read More

Texas Approves Intrastate Crowdfunding Rules

Texas Flag

Texas is the latest state to join a growing list of states that have legalized investment crowdfunding within its borders. As was widely expected, the Texas State Securities Board approved rules today that now allow the  residents of Texas to invest in businesses seeking capital to grow their business. While the rules have been approved… Read More

Maryland Securities Commissioner Finalizes Rules for Intrastate Crowdfunding

Maryland Intrastate Securities Exemption

In March of 2014, the Maryland General Assembly passed legislation enabling small businesses to participate in intrastate crowdfunding. The Maryland Securities Commissioner released its final rules for compliance with the exemption on October 1, 2014, making intrastate crowdfunding in Maryland fully legal. There are two important differences between the Maryland intrastate exemption and many of… Read More

SEC Highlights Enforcement Actions for 2014

SEC Headquarters in DC

The Securities and Exchange Commission not only spends a lot of time creating rules they also hit the streets and enforce them.  Monolithic and ill thought out legislation such as Dodd-Frank create an almost never ending list of new rules adding complexity and inertia to an already very challenging enforcement environment. So the SEC has… Read More

Sowefund: First Investment Crowdfunding Site Approved by French Regulators

Sowefund Liberte qualite

The French investment crowdfunding platform Sowefund, launched in September 2014, has been approved to operate a crowdfunding platform under the French statute designating the Conseiller en Investissements Participatifs (CIP) by ORIAS. The new French regulations providing rules for crowdfunding were introduced earlier in 2014 and enacted on October 1st. The months of discussions between the… Read More

Michigan Governor Set to Sign First Ever Intrastate Secondary Securities Market Bill

Michigan Act Now

First State to Create Secondary Market for Privately Crowdfunded Securities. Tired of waiting on federal regulators to implement investment (aka equity) crowdfunding for all investors, several Midwestern states, including Michigan, have legalized intrastate investment crowdfunding. Now, with the pending passage of HB 5273, Michigan’s effort to stay on the cutting edge of investment crowdfunding will… Read More

SEC Will Start Business Forum with Discussion of Accredited Investor Definition

SEC Investor Advocates

The Securities and Exchange Commission (SEC) has earlier announced that it will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington, D.C. headquarters on November 20, 2014.  As part of the annual gathering the morning session will tackle the definition of an accredited investor and secondary market liquidity for securities in… Read More

UK Government Announces New Consultation on Peer to Peer Loan Inclusion in Individual Savings Accounts

Budget 2014

The United Kingdom government has announced a new consultation seeking input from peer to peer industry participants or views from any other individuals or business as they look to create the most efficient method of including peer to peer loans within Individual Savings Accounts (ISAs).  The HM Treasury announced earlier this year their intent to… Read More

Crowdfunding Industry Advocates Respond to IAC Recommendations on Accredited Investor Definition

Accredited Investor Definition

Last week the Investor Advisory Committee met at the Securities and Exchange Commission to review and make recommendations on several issues regarding investors.  At the top of the list was the hot polemic on how an accredited investor should be defined. As it stands today an individual must earn $200,00 or more per year to… Read More

The European Crowdfunding Network Provides Details on Annual Convention in Paris

Arc de Triomphe by Benjamin Stäudinger Paris France

The European Crowdfunding Network (ECN) announced they were holding their annual convention in Paris earlier this year but the crowdfunding advocate group has recently shared additional details on the forthcoming event. The ECN is a professional network promoting adequate transparency, (self) regulation and governance while offering a combined voice in policy discussion and public opinion… Read More

Everyone out of the Pool! IAC Makes Recommendations Which Would Significantly Decreased The Pool of Available Accredited Investors

Investor Advisory Committee Mission

The Investor Advisory Committee (IAC) of the Securities and Exchange Commission (SEC) met yesterday to vote on the approval of its recommendations to the SEC for reforming the current definition of “accredited investor.” Most of the recommendations of the IAC call for changes to the definition which would significantly contract rather than expand the current… Read More