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 piece in said publication didn’t tell the whole story of what was going on within the SEC.
The Commission will consider whether to propose rules and forms related to the offer and sale of securities through crowdfunding pursuant to Section 4(a)(6) of the Securities Act of 1933, as mandated by Title III of the Jumpstart Our Business Startups Act.
The event will be available via webcast on October 23rd at 10:00 am, and Crowdfund Insider will have full coverage. We’ll also be live-tweeting happenings during, so be sure to follow @crowdfundinside before Thursday morning.
Industry insiders tell us that under normal circumstances, the Chair of the SEC will not normally schedule a vote such as this without confidence that the vote will be successful. In other words, there is optimism from within the industry that the comment period for equity crowdfunding for all investors in the US could begin as early as next week.
As we learned during the run-up to Rule 506(c), proposed rules would be published in the Federal Register at which point the comment period would begin. The process of publishing to the federal register usually takes a few days.