Tagged: regulations

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

UK Financial Conduct Authority Launches Innovation Hub. Encourages Change in the Interest of Consumers.

FCA Commitment to Supporting Innovation Martin Wheatley

Meanwhile the SEC Stalls on Pushing Forward to Facilitate Title III & Title IV Crowdfunding. The Financial Conduct Authority (FCA), the UK regulatory body similar to the SEC, has announced the opening of their Innovation Hub as they embrace change and creativity in financial services.  In a speech by Martin Wheatley, Chief Executive of thee… 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

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

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

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

Paul Niederer: Investing from the Crowd Starts with Friends and Family

Paul-Niederer asks questions

Paul Niederer and his investment crowdfunding platform, The Australian Small Scale Offerings Board (ASSOB), started doing equity crowdfunding before the term was even coined.  The entire global crowdfunding industry has looked towards Australia for their experience garnered from years of actual practice.  ASSOB has raised over $140 million for 310 businesses since their laws were… Read More

PUT OUT THE “FOR SALE” SIGN – New Version of C&DI 141.05: Allows General Advertising By Issuer In An Intrastate Offering

Invest Today Billboard Advertisement

In a prior post “SEC Releases New Guidance On Intrastate Offerings,” I briefly reviewed Compliance and Disclosure Interpretations (“CDIs”)  numbers 141.03, 141.04 and 141.05 released by the SEC in April relating to securities offerings made pursuant to Rule 147 and Section 3(a)(11) of the Securities Act of 1933 (a/k/a the “intrastate offering exemption”). While C&DI… Read More

Crowdfunding in Canada: Legal or Illegal?

Cambridge House Canadian Investor Conference

  Cambridge House held its Canadian Investor Conference event in Toronto, Ontario on 26 September 2014. The event was geared toward investors by bringing top thought leaders and companies who are interested in accessing investors.  BoardSuite Founder, CEO Oscar A Jofre was invited to participate in a panel along with John McCoach President TSX-V, Richard… Read More

Since StartEngine CEO Called for SEC to Move Forward on Title III Crowdfunding, 175 Comment Letters Have Been Posted

Time Runs Short Final Rules Title III

Ron Miller, CEO and founder of StartEngine, launched a personal campaign to push the SEC forward with final rules on Title III of the JOBS Act, retail crowdfunding.  His own comment letter published on the SEC site was posted on July 25th, 2014.  Since that time 175 comment letters have been published urging the SEC… Read More

French Crowdfunding Laws Now in Force

French Crowdfunding starts

  As of October 1st, new regulations and guidelines managing “financement participatif” or crowdfunding are now in force.  The ordinance was initially filed this past May and a consolidated version was published yesterday. France jumped forward earlier in 2014 led by a government Minister Fleur Pellerin.  A noted rising star in the French political scene,… Read More

New Mexico Proposes Investment Crowdfunding Rules

New Mexico Land of Enchantment

In a letter from the New Mexico Regulation and Licensing Department, Securities Division, Director Alan Wilson has summarized the objectives of proposed regulations to remove restrictions an allow equity crowdfunding in the state. Wilson’s missive notes the problem of raising adequate capital for startup businesses.  ”The combination of oppressive securities laws and geographic tendency of… Read More

SC Malaysia Shares Public Response to Proposed Equity Crowdfunding Framework

Malaysia Coin Ringit

Coming off a highly successful crowdfunding and angel investing conference, Securities Commission Malaysia has released the public comments on the proposed regulatory framework for equity crowdfunding.  The consultation outlining the regulations was released this past August and since being published SC has received comments from a diverse group of individuals including VC firms, entrepreneurs, financial… Read More

Paul Niederer: Proposed Rules on Investment Crowdfunding “Totally Unworkable”

Niederer Featured ASSOB CAMAC

Paul Niederer, a crowdfunding trailblazer, has been a consistent champion of the power and potential of investment crowdfunding.  The Australian Small Scale Offerings Board or ASSOB – has been regularly referenced for its knowhow and success in raising capital for small companies.  ASSOB has raised over $140 million so they posses the wisdom born of… Read More

General Solicitation for Private Placements is One Year Old Today (Infographic)

Birthday Cake

Oh how time flies.  On September 23, 2013 the over 80 year old ban on general solicitation (advertising / promotion) for certain private placement offers was lifted.  This was enacted by Title II of the JOBS Act and a profound change for our securities industry.  Uptake has been slow – but expectations are for a… Read More

Brief: Securities Commission Malaysia Expected to Release Comments on Equity Crowdfunding Regulations this Week

Datuk Ranjit Ajit Singh

The Securities Commission Malaysia (SC) is expected to release comments on their proposed equity crowdfunding regulations sometime this week.  The public release of feedback comes on the heels of the SC’s successful crowdfunding and angel investing conference held last week at the SC offices in Kuala Lumpur. A consultation paper outlining proposed regulations for Southeast… Read More