Tagged: regulations

SEC to Require Broker/Dealers Active in Off-Exchange Market to Become Members of National Securities Association

SEC Commissioners Mary Jo White

The Securities and Exchange Commission today proposed rule amendments to require that broker-dealers trading in off-exchange venues become members of a national securities association.  The amendments are designed to enhance regulatory oversight of active proprietary trading firms, such as high frequency traders (HFT). “This proposal embodies a simple but powerful principle of the federal securities… Read More

Final Rules for Title IV of the JOBS Act to Include State Pre-emption But for Tier 2 Only

Mary Jo White Title IV Hearing

The Securities and Exchange Commission met today to finalize rules for Title IV of the JOBS Act, commonly referred to as Regulation A+.  As expected the Commission quickly approved rules that included state Blue Sky pre-emption but for only Tier 2 of Title IV.  The vote for final rules was unanimous but included some reservations… Read More

LOOKING FOR THE EXIT – Commissioner Aguilar Presses On The Need For Greater Secondary Market Liquidity 

Where is the Exit 2

Earlier this month, Commissioner Luis A. Aguilar addressed the Advisory Committee on Small and Emerging Companies in Washing D.C. In his speech (embedded below), Commissioner Aguilar echoed the sentiments of the market in arguing the need for increased liquidity in the private placement market. His speech goes well beyond that point however, as he highlights… Read More

FCA Publishes Business Plan for Coming Year

British Pounds Money £10

The UK Financial Conduct Authority is a relatively new entity having only been formed in 2013, reconstituted from its predecessor the FSA.  The transformation, which saw the responsibilities of the FSA migrated over to three different regulatory bodies, was engendered in part by the financial crisis and the associated political realities. The FCA’s plan for… Read More

Deadline Today for Comments on Massachusetts Crowdfunding Rules

Boston Massachusetts

The Massachusetts Securities Division will be holding a public hearing today at 10AM to review the incorporated “emergency regulation” for intrastate investment crowdfunding. While the meeting will occur this morning, written comments will be accepted until 5PM today. This is part of the process prior to permanently adopting the rules that were announced this past… Read More

SEC Investor Advisory Committee Scheduled to Meet in April. Will Review Recommendations of SME Committee

Barbara Roper Investor Advisory Committee

The SEC Investor Advisory Committee (IAC) has scheduled their next gathering at F Street in DC to be held on April 9th.  The group is ostensibly an advocate on behalf of all investors but has a tendency to be more on the side of protection as opposed to facilitating access to investment opportunity and choice. According to… Read More

Florida Takes Another Go at Legalizing Crowdfunding

David Santiago

Florida, a state that hosts the worlds largest crowdfunding festival and wants to develop an innovation economy, failed in legalizing investment crowdfunding last year. While the details of the story as to why the initiative to boost funding for SMEs, improve the regional economy and grow jobs, may be a bit byzantine, in the end the… Read More

China Banking Regulatory Commission is Circulating Peer to Peer Lending Rules

China the largest Peer to Peer Lending Market P2P

The China Banking Regulatory Commission (CBRC) is preparing to tighten the regulatory environment for the fast growing peer to peer lending industry. According to multiple reports, rules have been drafted and are being distributed for review by various industry experts and platform operators. An internal meeting was held last week at the CBRC where proposed rules… Read More

European Banking Authority Opinion on Debt Based Crowdfunding

500 Euros Money Cash

The European Banking Authority (EBA) has been engaged with internet finance for some time recognizing the importance of crowdfunding to their industry. The EBA is an independent EU authority that strives to ensure effective regulation across Europe – a bit of a tall task.  Across Europe regulations regarding crowdfunding – both debt and equity based… Read More

Reg A Plus & Developing Venture Exchanges (Webinar)

TItle IV JOBS Act slide

Crowdfund Insider Senior Contributor, Sam Guzik, joined David Weild, former Vice Chair of Nasdaq, in a presentation last week on current issues regarding capital formation for SME’s. The discussion reviewed Title IV of the JOBS  Act (Regulation A+), the need for venture exchanges for secondary transactions of new types of securities, and what certain regulatory changes… Read More

FCA Publishes Guidance on Social Media Usage for Financial Promotion

Social Media

The Financial Conduct Authority (FCA) has revealed its guidance on promoting financial offerings via social media.  Social Media, such as Twitter, Facebook and an increasing number of other networks, have grown dramatically in recent years representing a shift in how individuals, and businesses, communicate. Acknowledging the internet has become an important, and at times controversial,… Read More

Part II: Due Diligence to Identify “Bad Actors” In Private Offerings under Rule 506

Wanted Poster White Collar Crime FBI Bad Actor

This the second part, of a two part series, reviewing Bad Actors in private placements.  The first article may be viewed here. The Securities and Exchange Commission (SEC) issued new Rule 506(d) in 2013, a rule that bars felons and other specified “bad actors” from participating in private offerings of securities under Rule 506 of… Read More

Zopa CEO Giles Andrews Clarifies P2P Lending’s Dramatic Growth, P2PFA’s Importance & Alternative Finance’s Relevance

Zopa Ten Years of Lending

Celebrating the tenth anniversary in finance,  Zopa, world’s first peer to peer lender has made significant achievements since its founding  “in a barn in Buckinghamshire.”   Zopa, led by CEO and Co-Founder Giles Andrews, launched a disruptive financial industry that enables consumers and businesses to bypass banks. Since 2005,  Zopa has lent over £750 million and predicts it… Read More

JOBS Act State of the Union: What’s Become of Regulation A+ and Crowdfunding?

State of the Union Framed

To borrow a line from SEC Commissioner Daniel M. Gallagher, quoting from the fight song of his alma mata, Georgetown University:  Oh How Long It’s Been! As we approach the three year anniversary of the signing into law of the JOBS Act of 2012 it is a sad irony that many are asking: What ever… Read More

OTC Markets Issues Statement on Senate Hearing on Venture Exchanges

OTC Markets

OTC Markets has issues a comment on the Senate hearing that took place today to discuss the creation of Venture Exchanges. OTC Markets has positioned its platform to provide these services to smaller companies and new types of securities as legalized by the JOBS Act. The testimony in the Senate included representatives from both the… Read More

Venture Exchanges Discussed in Senate Banking Sub-Committee

Venture Exchanges Testimony in Senate

In a broad ranging discussion on Capitol Hill today, the Senate Banking, Housing and Urban Affairs subcommittee addressed the issue of Venture Exchanges. Recently there has been a growing amount of discourse on the Hill, and within the offices of the SEC, regarding the propriety and efficacy of creating a Venture Exchange for smaller companies. In… Read More

Call for Comments: Massachusetts Poses 15 Questions on State Crowdfunding Exemption

Boston Massachusetts

The Massachusetts Securities Division has published a call for feedback regarding the state’s crowdfunding exemption.  The rules were released as an “emergency” measure and now state authorities are asking the crowdfunding industry and other interested parties to respond to the enacted rules. Massachusetts has scheduled a public hearing on March 24th which will be held… Read More

97 Recommendations That Would Lead to a Resurgence in Entrepreneurial Activity in the United States

US Capitol Green Light Go

Capitol Hill is an ever-revolving series of meetings, hearings and committees that too frequently get mired in petty political squabbles and posturing. Most of what occurs on the Hill these days is lost to much of the rest of the country who are simply too busy earning their paycheck outside the beltway. Occasionally important commentary… Read More

California Introduces the Local Economies Securities Act Crowdfunding Exemption

Regions of California

The state of California nearly enacted their own intrastate exemption late last year but politics got in the way of things and the bill ended up withering in a committee. One local crowdfunding advocate shared an update on AB 722; “I hear the forces are gathering to try again getting Crowdfunding passed in Sacramento. This new… Read More

Secondary Trading Developments (Deck)

Annmarie Tierney

During the gathering of the SEC Advisory Committee on Small and Emerging Companies (ACSEC) considerable time was spent discussing secondary markets and venture exchanges.  This is an area that has captured the attention of SEC Chair Mary Jo White.  Having the SEC Chair as a proponent is probably a good thing as it heightens the… Read More