Politics, Legal & Regulation

July 24, 2016 @ 7:22 pm By JD Alois  |  

More United, an upstart political movement that says it is not a party, is attempting to alter the course of UK politics and crowdfunding is one of their tools. According to their website, the organization has five fundamental beliefs, inspired by the late Jo Cox MP, who… Read More

July 24, 2016 @ 6:08 pm By JD Alois  |  

Earlier this week, StartUpIsrael reported that 10 Australian startups from Fintech and cyber security are joining a Tel-Aviv accelerator program. Dave Sharma, Australia’s ambassador in Tel Aviv, told StartUpIsrael; “Australia is seeking to become a more innovative and entrepreneurial economy. We have been blessed with natural resources,… Read More

July 22, 2016 @ 11:12 am By JD Alois  |  

The SEC Advisory Committee on Smaller and Emerging Companies (ACSEC) has submitted its final recommendations to the Commission regarding the definition of an accredited investor. ACSEC has continued to advocate on behalf of its thesis that the SEC “should do no harm” and not reduce nor… Read More

July 21, 2016 @ 10:32 am By JD Alois  |  

The new Financial Conduct Authority (FCA) Chief Executive Andrew Bailey, delivered a wide-ranging speech outlining his vision for the regulatory agency at the Annual Public Meeting yesterday (July 21).  Bailey replaced outgoing executive Tracey McDermott who announced her decision to not seek reappointment this past… Read More

July 20, 2016 @ 10:01 am By JD Alois  |  

Two important elements of the JOBS Act are Title III and Title IV.  These two portions of the act created Reg CF, retail crowdfunding, and Reg A+, a scaled disclosure exemption for companies to raise up to $50 million.  In the opening remarks of the… Read More

July 19, 2016 @ 5:42 pm By JD Alois  |  

Daniel Zinn, General Counsel of OTC Markets, visited the SEC Advisory Committee on Small and Emerging Companies (ACSEC) today. He followed a presentation by Paul Elio of Elio Motors to continue a theme on Reg A+, providing liquidity and the future of venture markets. The… Read More

July 19, 2016 @ 12:16 pm By JD Alois  |  

During the ACSEC meeting this morning, the SEC provided some interesting numbers regarding Reg A+.  Title IV of the JOBS Act, now commonly referred to as Reg A+, has been actionable for over a year so it was interesting to get an update from the… Read More

July 19, 2016 @ 10:07 am By JD Alois  |  

Below is the draft letter from the Advisory Committee on Small and Emerging Companies (ACSEC) regarding the definition of an Accredited Investor. The Committee is working on the details now with one of the suggestions being a test of sophistication that allows a work-around from… Read More

July 17, 2016 @ 11:57 am By Robert Wardrop & Tania Ziegler  |  

  Across Europe, crowdfunding is quickly moving from a fringe funding instrument to becoming a mainstream – finance channel, connecting “crowds” to fund businesses, projects and individuals. In its recently published Report on Crowdfunding in the EU Capital Markets Union, the European Commission details the… Read More

July 17, 2016 @ 10:27 am By JD Alois  |  

The UK government announced today that Emma Jones founder of small business support group Enterprise Nation, and the co-founder of the national enterprise campaign ‘StartUp Britain’, has been appointed as the Small Business Crown Representative. Jones will also be a trade ambassador for the UK…. Read More

July 16, 2016 @ 7:35 pm By JD Alois  |  

The North American Securities Administrator Association (NASAA), the lobbying group for state securities regulators, published a comment last week regarding the passage of the National Securities Exchange Regulatory Parity Act (HR 5421).  NASAA appears ready to battle the legislation, which passed on a voice vote… Read More

July 14, 2016 @ 3:47 pm By JD Alois  |  

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) has published its agenda for its meeting next week and it should be a more interesting gathering. As part of the ACSEC program, the SEC Division of Corporate Finance will deliver an update on the… Read More

July 14, 2016 @ 2:12 pm By Thomas Howard  |  

The Financial Conduct Authority (FCA) will look to ensure that consumers are sufficiently protected against the risks inherent in crowdfunding while supporting innovation in the growing market in a forthcoming review of its regulation of the industry. Crowdfunding rules were introduced by the FCA in… Read More

July 13, 2016 @ 9:15 pm By JD Alois  |  

  Do Online Lenders Benefit from Regulatory Arbitrage? Yesterday (July 12), the subcommittee on Financial Institutions and Consumer Credit (part of the House Financial Services Committee) hosted an educational hearing on Fintech and Marketplace Lending. The meeting saw the participation of several industry executives including… Read More

July 13, 2016 @ 4:19 pm By JD Alois  |  

The National Securities Exchange Regulatory Parity Act (HR 5421) passed the House of Representatives yesterday on a voice vote. It previously was approved by the House Financial Services Committee on a vote of 47-12 last month. The bill will alter how the SEC regulates exchanges. The… Read More

July 13, 2016 @ 2:36 pm By JD Alois  |  

The Securities and Exchange Commission proposed rules today to streamline and simplify certain disclosure requirements to “eliminate redundant, overlapping, outdated, or superseded provisions.” SEC Chair Mary Jo White commented on the proposal; “The proposed amendments address outdated and redundant disclosure requirements while continuing to require… Read More

July 13, 2016 @ 2:01 pm By JD Alois  |  

At a Congressional hearing yesterday on Marketplace Lending that was described as being “educational”, Rob Nichols, of the American Bankers Association,  presented testimony and answered questions along with several other individuals engaged in finance. While the topic was  ostensibly “Fintech”, a better label may have… Read More

July 13, 2016 @ 11:23 am By JD Alois  |  

The SEC Advisory Committee on Small & Emerging Companies (ACSEC) has scheduled its next meeting for Tuesday, July 19, 2016 commencing at 9AM. These meetings are held at the SEC Headquarters in Washington, DC and are open to the public. The SEC will live-stream the… Read More

July 12, 2016 @ 9:56 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced three new members of the Investor Advisory Committee (IAC).  The new members are: John Coates, John F. Cogan Jr. Professor of Law and Economics at Harvard Law School, and Research Director of the Center on the Legal… Read More

July 12, 2016 @ 8:12 am By JD Alois  |  

The Financial Conduct Authority (FCA) has published a Competition Report, alongside their annual report this year. Incorporated in HM Treasury’s 2015 Productivity Statement, the FCA was asked to produce a standalone annual competition report to show how well they are delivering on their competition objective…. Read More