In predicting the new SEC Chairman Elisse Walter‘s impact on Title III Crowdfunding exemption perhaps the most relevant insight Walter has provided is contained in a 2009 article regarding her position on the regulation of Broker-Dealers and Investment Advisors (EB Walter, ‘Regulating Broker–Dealers and Investment Advisers: Demarcation or Harmonization?’ (2009) 35(1) Journal of Corporation Law). In this article Walter states that the “gist of what (she is) going to say would apply equally well to other financial professionals”, so it is reasonable to infer that Walter’s views in the context of Broker-Dealer and Investment Advisor regulation would mirror her views on the regulation of funding portals, brokers, and other crowdfunding advisors. Further, it should be noted that this article is written from Walter’s ideological stance and is forward looking, rather than focused on the current regulations and legislation in place, offering an insightful view of how Walter would structure legislation if provided the opportunity.
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