Politics, Legal & Regulation

March 4, 2014 @ 9:48 pm By JD Alois  |  

In a comment letter posted to the Securities and Exchange Commission (SEC) web site addressing proposed rule amendments for Regulation A under Title IV of the JOBS Act, Andreessen Horowitz and Cowen and Company clarified their position and support for the proposed changes. Andreessen Horowitz,… Read More

March 3, 2014 @ 7:20 am By Samuel S. Guzik, The Crowdfunding Counselor  |  

On February 19, 2014, in a missive to the SEC, signed by 18 state securities administrators,  under the letterhead of the North American Securities Administrators Association (“NASAA”), the message was clear: “[we] write to voice our objection to the Commission’s attempt to preempt state authority… Read More

March 2, 2014 @ 10:43 am By Charles Luzar  |  

The Spanish Government and Minister of Economy and Competitiveness Luis de Guindos are weighing regulations that would limit both overall project size and individual contribution size for crowdfunding-related campaigns in Spain. A draft bill would limit deal size to €1 million. Contributions for individuals would be capped… Read More

March 1, 2014 @ 11:20 am By Charles Luzar  |  

Today The Detroit News has published a short editorial in support of Michigan HB 5273 (embedded, bottom of article), a bill that seeks to cement Michigan’s recently-passed intrastate crowdfunding exemption by creating secondary markets where crowdfunded shares can be traded. The bill’s primary sponsor is a… Read More

March 1, 2014 @ 8:28 am By JD Alois  |  

Recently the French government has been moving forward with “Financement Participatif” or crowdfunding by providing updated guidelines and regulations to advance the new form of capital formation for small companies.  France currently has 28 platforms active in their country (in comparison to the UK with… Read More

February 27, 2014 @ 4:55 pm By Kiran Lingam  |  

There has been a lot of uproar about new rules requiring additional steps to verify accredited investor status (i.e. checking tax returns) as a condition to using the new 506(c) rules permitting general solicitation. The real problem here is that the definition of accredited investor is out of… Read More

February 27, 2014 @ 7:01 am By Kim Wales  |  

Now that we have seen what real turbulence is with the financial crisis of 2008, fear and panic are drivers of economic behavior. Strengthening the financial markets for America’s small businesses and closing the wealth gap amongst the crowd is a must. Now is not… Read More

February 26, 2014 @ 7:21 pm By Tom McGinn  |  

“Kickstarter is crowdfunding with training wheels.” For many, equity-based crowdfunding is the final stage of crowdfunding’s evolution. The United Kingdom was an early adopter of equity crowdfunding. Less than two months after President Barack Obama signed the JOBS Act in 2012, dubbed the “Crowdfunding Bill”,… Read More

February 25, 2014 @ 11:05 am By Charles Luzar  |  

A hearing will take place this afternoon at 1:30 PST regarding ESHB 2023, which would implement a crowdfunding exemption in the State of Washington. As Joe Wallin and Michael “Luni” Libes point out, the exemption outlined under this legislation “would be substantially more accessible for… Read More

February 25, 2014 @ 9:20 am By Charles Luzar  |  

The first day of Candace Klein’s highly-anticipated hearing is in the books. In what could be a watershed moment for crowdfunding in the State of Ohio, the Ohio Division of Securities is squaring off against Klein. The backdrop: a notice of intent to issue cease… Read More

February 24, 2014 @ 8:59 am By JD Alois  |  

Social Economy Europe is a representative group for cooperatives, mutual societies, associations and foundations.  It is a European Union level institution for the social economy that aims to promote social and economic input of enterprises and organizations.  They also promote the role of and values… Read More

February 24, 2014 @ 7:00 am By Samuel S. Guzik, The Crowdfunding Counselor  |  

Crowdfunding May Require JOBS Act 2.0. It started out as a noble idea. If only crowdfunding could go to the next level – from a paradigm where a multitude of individuals could join together – courtesy of the Internet – and fund a worthwhile social… Read More

February 23, 2014 @ 8:30 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has posted a comment letter regarding proposed rule amendments regarding Regulation A+ on the Securities and Exchange Commission’s web site.  The NASAA is self described as an investor protection association with their members consisting of securities administrators from… Read More

February 19, 2014 @ 9:58 am By Charles Luzar  |  

Lobbyists. Love them or hate them, they have a strong voice in the political narrative here in the United States, and sometimes the goals of a lobby do not align with the goals of the American people. According to the polls, that is precisely what… Read More

February 18, 2014 @ 12:26 pm By JD Alois  |  

The Rotman School of Management, at the University of Toronto, put on an event last month in Toronto on crowdfunding entitled “An Evolution in the Canadian Capital Markets.  The presentation also incorporating a group of panelists including; Ajay Agrawal, Peter Munk Professor of Entrepreneurship &… Read More

February 16, 2014 @ 11:32 pm By JD Alois  |  

The Scientific Work Group, part of the European Crowdfunding Network (ECN), promotes research into crowdfunding and related aspects in order to foster academic discussion to aid professional and political decision making. The group also acts as an editorial board to peer-reviewed publications by the European… Read More

February 16, 2014 @ 6:59 pm By JD Alois  |  

On January 31, 2014, the Securities and Exchange Commission held a meeting of the Investor Advisory Committee.  Several of the commissioners participated in the gathering. A portion of the event, towards the end of the agenda, focused on crowdfunding. The recorded webcast with the portion… Read More

February 15, 2014 @ 6:50 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that it will host a public roundtable in March to discuss cyber security and the issues and challenges it raises for market participants and public companies, and how they are addressing those concerns. The roundtable will be… Read More

February 15, 2014 @ 3:00 pm By JD Alois  |  

French politician Fleur Pellerin, who is the minister delegate with responsibility for SME’s, innovation and digital economy, has stated the new reforms for crowdfunding will allow the nascent industry to thrive. Speaking at the Ministry of Finance, Pellerin reviewed the new regulations regarding crowdfunding or… Read More

February 14, 2014 @ 5:29 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that Elizabeth Murphy has been named an associate director in its Division of Corporation Finance. For the past five years, Ms. Murphy has served as the Secretary of the Commission, heading the office that prepares, reviews, and… Read More