Tagged: jobs act

October 23, 2013 @ 11:46 am By Charles Luzar  |  

Here’s the meat of Chair Mary Jo White’s comments on equity crowdfunding proposed rules. Head to SEC.gov for the full statement. Also, be sure to check out the tweets from during today’s open meeting on equity crowdfunding rules. Good morning. This is an open meeting of… Read More

October 23, 2013 @ 11:21 am By JD Alois  |  

Below is the complete text of the statement read by SEC Commissioner Michael S. Piwowar regarding the proposed rules governing crowdfunding which were released today.  The rules were accepted unanimously. Commissioner Michael S. Piwowar Thank you, Chair White. Eighty years ago, Congress enacted the Securities… Read More

October 23, 2013 @ 10:06 am By Charles Luzar  |  

For once, we’ll happily speak for the entire crowdfunding industry: finally. The SEC has unanimously approved proposed rules for Title III equity crowdfunding. Now begins what should be a very interesting comment period with some strong opinions on all sides of this important regulatory change. We’re… Read More

October 22, 2013 @ 8:58 pm By JD Alois  |  

SEC posting regarding the Open Meeting for tomorrow (October 23, 2013) regarding rules on Crowdfunding. As reported previously reported earlier this week, the Commission will be considering rules regarding crowdfunding.  Specifically under Title III of the JOBS Act which relate to popular or retail crowdfunding…. Read More

October 22, 2013 @ 7:49 am By Samuel Guzik  |  

The SEC Finally Convenes on Crowdfunding Rules – Let the Sun Shine! It had been more than 18 months since President Obama signed into law the multi-faceted potpourri entitled the Jumpstart Our Business Startups Act (the JOBS Act).   One of the more controversial provisions… Read More

October 21, 2013 @ 5:50 pm By Charles Luzar  |  

The SEC has just posted notice of a meeting under the Sunshine Act to weigh proposed rules for equity crowdfunding under Section 4(a)(6) of The Securities Act of 1933. This confirms the scoop earlier this week in Bloomberg, and also confirms the fact that the… Read More

October 21, 2013 @ 12:46 pm By Charles Luzar  |  

Yes, legislators in the United States can agree on something. A bipartisan group of Senators is frustrated with delays in the implementation of the JOBS Act, and they’re expressing that discontent in a letter directed squarely at SEC Chair Mary Jo White. The group of… Read More

October 19, 2013 @ 3:28 pm By Charles Luzar  |  

Only 11% of small business owners are familiar with crowdfunding as a means of capital formation for their businesses. That revelation comes via SBE Council President and CEO Karen Kerrigan, who shared the information via  a survey entitled “Entrepreneurs & the Economy Survey.” The survey… Read More

October 18, 2013 @ 4:09 pm By Charles Luzar  |  

SEC Chair Mary Jo White addressed a crowd at today’s Managed Funds Association Outlook 2013 Conference in New York City. She spoke at length about the JOBS Act and specifically about Rule 506(c) and general solicitation. It may come as a bit of lip service for… Read More

October 17, 2013 @ 6:55 pm By Charles Luzar  |  

Updated 10/18/13 @ 11:00 AM EDT Bloomberg is reporting that the SEC is preparing to vote on a rule that would allow crowdfunding investors to self-certify their own yearly crowdfund investing limits. The JOBS Act specifies yearly limits for investors participating in crowdfunded securities. According… Read More

October 17, 2013 @ 4:01 pm By Charles Luzar  |  

Under the direction of Ohio Division of Securities Commissioner Andrea Seidt, the NASAA has recently released an updated list of their top investor threats for 2013. Among them: “unregulated third party service providers,” a category that would include crowdfunding portals. Seidt explained the reason for… Read More

October 15, 2013 @ 9:01 pm By JD Alois  |  

CASE or “Crowdfunding and Securities Exemptions” for Jobs Act/Crowdfunding Finds Support. Today the Wisconsin State Senate concurred with the State Assembly and sent Rep. David Craig’s CASE (crowdfunding and securities exemptions) for Jobs Act (AB 350) to Governor Scott Walker. In response to the Senate’s… Read More

October 15, 2013 @ 12:28 pm By JD Alois  |  

Recently on CNBC, Venture Capitalist John Frankel commented on how the Jobs  Act allowed General Solicitation, or advertising, for accredited investors.  Frankel did not go into detail as to how his firm would determine if applicants were accredited but acknowledged they would incorporate a process… Read More

October 11, 2013 @ 12:30 pm By Tom Britton  |  

Even with Title II the gap between US and UK Crowdfunding remains wide (for now). The media has been all over Title II of the JOBS act and the effect this will have on crowdfunding given that those seeking to raise funds are now able… Read More

October 10, 2013 @ 3:46 pm By Charles Luzar  |  

Ohio Division of Securities Commissioner Andrea Seidt is now acting President of the North American Securities Administrators Association (NASAA), the “oldest international organization devoted to investor protection.” She was previously Vice President of the NASAA. She replaces A. Heath Abshure of Arkansas as President of… Read More

October 9, 2013 @ 9:50 pm By Charles Luzar  |  

In the wake of legalized general solicitation under Rule 506(c), some media outlets, individuals and pundits have shared information that is not accurate. See this infographic as an example, which appeared on Forbes. That isn’t to pick on Forbes or the creators of that infographic…. Read More

October 8, 2013 @ 9:12 am By Charles Luzar  |  

On September 18th of this year a bill was introduced by Republicans in the Michigan House of Representatives (embedded, below) that would effectively legalize intrastate equity crowdfunding in the “Great Lakes State.” The bill would amend Section 202 of the Uniform Securities Act of 2002,… Read More

October 4, 2013 @ 10:14 am By Charles Luzar  |  

Despite the SEC’s delay in proposing and implementing key aspects of the JOBS Act, it seems that US House Republicans will be seeking to expand upon the law in forthcoming legislation. This according to Representative Scott Garrett (R-NJ), a member of the House Financial Services… Read More

October 3, 2013 @ 5:55 pm By JD Alois  |  

The Securities and Exchange Commission has previously announced that it will hold its annual Government-Business Forum on Small Business Capital Formation on November 21 at its Washington D.C. headquarters. This year’s forum will begin with panel discussions about small business capital formation matters, including implementation… Read More

October 3, 2013 @ 9:48 am By Charles Luzar  |  

The Invest Georgia Exemption (IGE) is an intrastate crowdfunding exemption for Georgia’s businesses. Today SparkMarket launches in order to take advantage of this law and facilitate capital formation within the state of Georgia. The exemption allows participation in crowdfunding raises of up to $1 million… Read More