Mary Jo White: “This year, we will be focused on implementing the final two major mandates of the JOBS Act”

Wanted SEC That Provides Crowdfunding Regulations Mary Jo WhiteSEC Chair Mary Jo White addressed the Practicing Law Institute in DC this morning and it appears that most of the big shots at the SEC are sharing their wisdom as well today.

Following opening remarks by Andrew Ceresny, the Director of SEC Enforcement and Keith Higgins, the Director of CorpFin, Chair White delivered a pretty standard securities stump speech covering what has been and what will be in 2015.  As always the Chair can be counted on referencing the gift that just keeps on giving in the form of Dodd-Frank and the never ending conflagration of convoluted rules. She also references the much discussed JOBS Act and two remaining portions that impact capital formation for smaller enterprises: Title III and Title IV stating;

“This year, we will be focused on implementing the final two major mandates of the JOBS Act – Regulation A+ and crowdfunding [Title III] — both very important and complex rule makings.”

Please correct me if I am wrong, Mary Jo, but didn’t you say the same thing in 2014?

Alas, hope does spring eternal. At least the words matching the importance of funding small business preceded the tease about possible rules before the end of days;

“A third area of focus for the coming year is capital formation for smaller issuers.  Smaller companies are a primary engine of economic growth in this country and it is important that we look for ways that our rules can be used to help these companies thrive.  We will, of course, do so with our overarching mission to protect investors firmly in mind.”

This Train is LateWith the political winds shifting on Capitol Hill many pundits expect Congress to act far quicker than the regulators on Title III.  Final rules were widely expected on Title IV Reg A+ before the end of 2014 but must have gotten lost in the end of the year rush to celebrate 2015.  Title III has broadly been labeled unworkable with excessive costs and limitations potentially pushing only the most risky opportunities to the masses (if enacted as is). So now the race is on. Who will get there first – Congress or the Commission?

The entire speech is embedded below.

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