Incoming FCA Chief Executive Sets Course in Speech at Annual Meeting

Andrew Bailey Antique

The new Financial Conduct Authority (FCA) Chief Executive Andrew Bailey, delivered a wide-ranging speech outlining his vision for the regulatory agency at the Annual Public Meeting yesterday (July 21).  Bailey replaced outgoing executive Tracey McDermott who announced her decision to not seek reappointment this past… Read More

Mary Jo White: SEC Staff Continues to Closely Monitor Reg CF, Reg A+

Mary Jo White at ACSEC

Two important elements of the JOBS Act are Title III and Title IV.  These two portions of the act created Reg CF, retail crowdfunding, and Reg A+, a scaled disclosure exemption for companies to raise up to $50 million.  In the opening remarks of the… Read More

OTC Markets Presents on Reg A+ at SEC ACSEC Meeting (Deck)

Elio Trading on OTCQX

Daniel Zinn, General Counsel of OTC Markets, visited the SEC Advisory Committee on Small and Emerging Companies (ACSEC) today. He followed a presentation by Paul Elio of Elio Motors to continue a theme on Reg A+, providing liquidity and the future of venture markets. The… Read More

Here is the Draft ACSEC Letter to the SEC on Definition of Accredited Investor

ACSEC Sarah Hanks and Stephen Graham

Below is the draft letter from the Advisory Committee on Small and Emerging Companies (ACSEC) regarding the definition of an Accredited Investor. The Committee is working on the details now with one of the suggestions being a test of sophistication that allows a work-around from… Read More

A Case of Regulatory Evolution: A Review of the UK Financial Conduct Authority’s Approach to Crowdfunding

The UK Britain Market Fruit

  Across Europe, crowdfunding is quickly moving from a fringe funding instrument to becoming a mainstream – finance channel, connecting “crowds” to fund businesses, projects and individuals. In its recently published Report on Crowdfunding in the EU Capital Markets Union, the European Commission details the… Read More

NASAA Criticizes National Securities Exchange Regulatory Parity Act as Undermining State Authority

Judith Shaw at SEC IAC

The North American Securities Administrator Association (NASAA), the lobbying group for state securities regulators, published a comment last week regarding the passage of the National Securities Exchange Regulatory Parity Act (HR 5421).  NASAA appears ready to battle the legislation, which passed on a voice vote… Read More

SEC ACSEC Meeting to Review Reg A+, Elio Motors Experience

Paul Elio

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) has published its agenda for its meeting next week and it should be a more interesting gathering. As part of the ACSEC program, the SEC Division of Corporate Finance will deliver an update on the… Read More

FCA Prioritises Fintech Innovation & Consumer Protection in Crowdfunding Review

FCA Regulatory Review UK

The Financial Conduct Authority (FCA) will look to ensure that consumers are sufficiently protected against the risks inherent in crowdfunding while supporting innovation in the growing market in a forthcoming review of its regulation of the industry. Crowdfunding rules were introduced by the FCA in… Read More

Congressional Committee Reviews Marketplace Lending

Neugebauer 3

  Do Online Lenders Benefit from Regulatory Arbitrage? Yesterday (July 12), the subcommittee on Financial Institutions and Consumer Credit (part of the House Financial Services Committee) hosted an educational hearing on Fintech and Marketplace Lending. The meeting saw the participation of several industry executives including… Read More

National Securities Exchange Regulatory Parity Act Passes House on Voice Vote

George Washington NYSE Stock Exchange

The National Securities Exchange Regulatory Parity Act (HR 5421) passed the House of Representatives yesterday on a voice vote. It previously was approved by the House Financial Services Committee on a vote of 47-12 last month. The bill will alter how the SEC regulates exchanges. The… Read More

Fact Sheet: SEC Proposes Rules to Simplify Disclosure Requirements

SEC Securities and Exchange Commission

The Securities and Exchange Commission proposed rules today to streamline and simplify certain disclosure requirements to “eliminate redundant, overlapping, outdated, or superseded provisions.” SEC Chair Mary Jo White commented on the proposal; “The proposed amendments address outdated and redundant disclosure requirements while continuing to require… Read More

American Bankers Association: “Banks Have Always Embraced Innovation”

Reg Varney uses Barclays ATM

At a Congressional hearing yesterday on Marketplace Lending that was described as being “educational”, Rob Nichols, of the American Bankers Association,  presented testimony and answered questions along with several other individuals engaged in finance. While the topic was  ostensibly “Fintech”, a better label may have… Read More

SEC Advisory Committee on Small & Emerging Companies Schedules Meeting for July 19th

Sara Hanks ACSEC

The SEC Advisory Committee on Small & Emerging Companies (ACSEC) has scheduled its next meeting for Tuesday, July 19, 2016 commencing at 9AM. These meetings are held at the SEC Headquarters in Washington, DC and are open to the public. The SEC will live-stream the… Read More

Here is the FCA Competition Report

UK Money iPhone Queen

The Financial Conduct Authority (FCA) has published a Competition Report, alongside their annual report this year. Incorporated in HM Treasury’s 2015 Productivity Statement, the FCA was asked to produce a standalone annual competition report to show how well they are delivering on their competition objective…. Read More

House Financial Services Committee Schedules Hearing on Marketplace Lending

Washington DC Capitol Building

The House Financial Services Committee, Subcommittee on Financial Institutions and Consumer Credit, has scheduled a hearing on the marketplace lending sector of online lending.  Entitled, Examing the Opportunities and Challenges with Financial Technology (Fintech): The Development of Online Marketplace Lending,” the meeting will take place… Read More

Perspective: Uncertainty About the Consequences of Brexit is Rising

UK Queen Elizabeth Money

As UK politicians, pro-Brexit and pro-Bremain alike, resign one after the other, the uncertainty about the consequences of the Brexit vote is rising instead of abating. Here is a summary the following main causes of uncertainty that impact financial services: The Legal Exiting Process: The… Read More