The SEC’s Crowdfunding Proposal – A Preliminary Look (Webinar)

NYSBA LogoThe Business Law Section and the International Section of  the New York State Bar Association (NYSBA) is hosting a live program and webcast in New York City on December 11, 2013, to review crowdfunding.  The event is titled, “The SEC’s Crowdfunding Proposal – A Preliminary Look”, and it is open to anyone who registers on the NYSBA site.  The webcast is free of charge.

On October 23, 2013, the SEC voted unanimously to propose rules under the JOBS Act to permit companies to offer and sell securities through crowdfunding. (The 585-page proposed rules are available  here.)Jay Hack
Jay Hack, Chair of the NYSBA Business Law Section and an official organizer stated,
“Crowdfunding is the next wave in capital raising. Small businesses and small investors will finally have a chance to swim in the same waters that were once reserved only for the heavy hitters and the wealthy, and the SEC’s regulations will provide a swimming lesson while keeping the sharks out of those waters.”
Georgia QuinnGeorgia Quinn, an Attorney at Seyfarth Shaw and a co-moderator for the event said,
“Jay is right, this is a “sea” change, so to speak, and while the scenario envisioned in the SEC’s current framework may not be the exact model that comes to fruition, there is no doubt that crowdfunding is happening. Businesses, investors and their advisors will find a way to comply with the securities laws and make this a commercially viable financing alternative. The SEC has a tough job of balancing start-up and small companies’ needs for financing and the protection of investors.”

The scheduled speakers are currently:NYSBA Speakers

  • Leila Bham, Esq., Securities and Exchange Commission Trading and Markets Division
  • Doug Ellenoff, Esq., Ellenoff Grossman & Schole LLP, known to many as “Mr. Crowdfunding”
  • Kiran Lingam, Esq., General Counsel at SeedInvest, a crowdfunding portal
  • Georgia Quinn, Esq., Seyfarth Shaw, LLP, member, Securities Regulation Committee, Business Law Section
  • Jay L. Hack, Esq., Gallet Dreyer & Berkey, LLP, Chairman, Business Law Section, New York State Bar Association
  • Azish Filabi, Esq., Assistant Vice President and Ethics Officer, Federal Reserve Bank of New York

Expected Topics Include:

  • Issuers and Investors: Who can make a crowdfunding offering and who can participate as a crowdfunding investor?
  • The Crowdfunding Offering: What are the disclosure requirements on issuer, financial statement requirements, integration with other offerings and related issues?
  • The Intermediaries: Crowdfunding portals, broker/dealers and trading issues.
  • Crowdfunding in Action: Practical implementation, costs and liabilities.
  • Questions and Answers – including remote email Q&A by those watching the webcast. If time permits.

Interested individuals may register for the event at the NYSBA site.  The event will be held from 12 Noon to 2pm on December 11th at the address below:

Duane Morris
1540 Broadway (at 45th Street)
New York, NY 10036

Questions? Contact [email protected]

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