Politics, Legal & Regulation

October 23, 2013 @ 11:21 am By JD Alois  |  

Below is the complete text of the statement read by SEC Commissioner Michael S. Piwowar regarding the proposed rules governing crowdfunding which were released today.  The rules were accepted unanimously. Commissioner Michael S. Piwowar Thank you, Chair White. Eighty years ago, Congress enacted the Securities… Read More

October 22, 2013 @ 8:58 pm By JD Alois  |  

SEC posting regarding the Open Meeting for tomorrow (October 23, 2013) regarding rules on Crowdfunding. As reported previously reported earlier this week, the Commission will be considering rules regarding crowdfunding.  Specifically under Title III of the JOBS Act which relate to popular or retail crowdfunding…. Read More

October 22, 2013 @ 7:49 am By Samuel Guzik  |  

The SEC Finally Convenes on Crowdfunding Rules – Let the Sun Shine! It had been more than 18 months since President Obama signed into law the multi-faceted potpourri entitled the Jumpstart Our Business Startups Act (the JOBS Act).   One of the more controversial provisions… Read More

October 21, 2013 @ 5:50 pm By Charles Luzar  |  

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… Read More

October 21, 2013 @ 12:46 pm By Charles Luzar  |  

Yes, legislators in the United States can agree on something. A bipartisan group of Senators is frustrated with delays in the implementation of the JOBS Act, and they’re expressing that discontent in a letter directed squarely at SEC Chair Mary Jo White. The group of… Read More

October 19, 2013 @ 3:28 pm By Charles Luzar  |  

Only 11% of small business owners are familiar with crowdfunding as a means of capital formation for their businesses. That revelation comes via SBE Council President and CEO Karen Kerrigan, who shared the information via  a survey entitled “Entrepreneurs & the Economy Survey.” The survey… Read More

October 18, 2013 @ 4:09 pm By Charles Luzar  |  

SEC Chair Mary Jo White addressed a crowd at today’s Managed Funds Association Outlook 2013 Conference in New York City. She spoke at length about the JOBS Act and specifically about Rule 506(c) and general solicitation. It may come as a bit of lip service for… Read More

October 17, 2013 @ 3:47 pm By Charles Luzar  |  

SoMoLend and the Ohio Division of Securities have been on a crash course since a notice of intent to issue a cease and desist was filed back in August of 2013. The hearing, originally scheduled for this week, has been postponed until January according to… Read More

October 15, 2013 @ 9:01 pm By JD Alois  |  

CASE or “Crowdfunding and Securities Exemptions” for Jobs Act/Crowdfunding Finds Support. Today the Wisconsin State Senate concurred with the State Assembly and sent Rep. David Craig’s CASE (crowdfunding and securities exemptions) for Jobs Act (AB 350) to Governor Scott Walker. In response to the Senate’s… Read More

October 10, 2013 @ 3:46 pm By Charles Luzar  |  

Ohio Division of Securities Commissioner Andrea Seidt is now acting President of the North American Securities Administrators Association (NASAA), the “oldest international organization devoted to investor protection.” She was previously Vice President of the NASAA. She replaces A. Heath Abshure of Arkansas as President of… Read More

October 9, 2013 @ 8:37 pm By Charles Luzar  |  

It has been a busy week in the world of intrastate crowdfunding legislation. Yesterday we reported on Michigan introducing a crowdfunding bill. Yesterday the Wisconsin Assembly passed a similar bill. The bill will now make its way to the Senate. Thus far Wisconsin Governor Scott… Read More

October 8, 2013 @ 10:12 am By Charles Luzar  |  

We’ll be the first in Canada to allow it, but we expect other regulators to come along, and we think this is going to be something that takes hold in all of Canada. It’s something that I think has come along because of the rise… Read More

October 8, 2013 @ 9:12 am By Charles Luzar  |  

On September 18th of this year a bill was introduced by Republicans in the Michigan House of Representatives (embedded, below) that would effectively legalize intrastate equity crowdfunding in the “Great Lakes State.” The bill would amend Section 202 of the Uniform Securities Act of 2002,… Read More

October 7, 2013 @ 10:20 am By Charles Luzar  |  

Australia’s Climate Council was the victim of what some may see as austere budget cuts recently when prime minister Tony Abbott decided to shutter the agency. Professor Tim Flannery, formerly at the agency’s helm, had been displaced. However, Flannery wasn’t content to rest on his… Read More

October 5, 2013 @ 4:12 pm By Rob Leclerc  |  

Recently a founder of FundersClub posted their stance on the [U.S. Congress and] SEC’s lift of the ban on general solicitation. While we respect Alex, Boris and the rest of the team and what they’ve accomplished, we were troubled by the apparent use of fear tactics in… Read More

October 4, 2013 @ 10:46 am By Charles Luzar  |  

The FCA takes responsibility for regulating consumer credit markets starting in April of 2014. This responsibility includes the peer-to-peer lending space. The FCA has announced plans to release guidance on lending-based crowdfunding and regulatory compliance later this month. In a recent release, the FCA detailed… Read More

October 4, 2013 @ 10:14 am By Charles Luzar  |  

Despite the SEC’s delay in proposing and implementing key aspects of the JOBS Act, it seems that US House Republicans will be seeking to expand upon the law in forthcoming legislation. This according to Representative Scott Garrett (R-NJ), a member of the House Financial Services… Read More

October 3, 2013 @ 5:55 pm By JD Alois  |  

The Securities and Exchange Commission has previously announced that it will hold its annual Government-Business Forum on Small Business Capital Formation on November 21 at its Washington D.C. headquarters. This year’s forum will begin with panel discussions about small business capital formation matters, including implementation… Read More

October 3, 2013 @ 10:22 am By Charles Luzar  |  

From today until the last day of 2013, the European Commission is seeking public comment on how the EU can facilitate crowdfunding in Europe. Anyone with an opinion on crowdfunding is invited to fill in the questionnaire. People who might contribute to, or launch, a… Read More

October 2, 2013 @ 3:09 pm By JD Alois  |  

The Securities and Exchange Commission today announced the renewal of its Advisory Committee on Small and Emerging Companies, which will continue to focus on interests and priorities of small businesses and smaller public companies.  Issues covered include areas of the JOBS Act applicable to the… Read More