Practising Law Institute: Crowdfunding and Online Direct Lending (Peer-to-Peer) 2015

Why You Should Attend

Recent market activity demonstrates that crowdfunding is now a bona fide alternative form of early and mid-stage corporate finance and can lead to exits in the M&A and capital markets arenas. In the face of this tremendous growth trajectory, the industry has divided into several categories, each with its own legal risks and challenges. Will this growth continue? Join our expert faculty for a practical discussion on where we are now and where we may be headed.

What You Will Learn

• Crowdfunding and peer-to-peer lending basics
• The latest rulemaking developments from the SEC, FINRA and state securities regulators
• Legal issues in rewards crowdfunding
• Bank regulation, broker-dealer considerations and fund formation issues
• Starting your own platform: what you need to know
• Commercial and real estate lending issues

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.

PLI Can Arrange Group Viewing to Your Firm

Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

9:00 Introduction

Brian S. Korn 

9:10 SEC and State Developments in Securities Crowdfunding and Alternative Finance

• SEC rulemaking under JOBS Act Title III
• The new Regulation A+ and what it means for issuers and investors
• The future of blue sky laws
• Regulatory enforcement priorities

Faith L. Anderson, Joseph P. Borg, Douglas S. Ellenoff, Samuel S. Guzik, Anthony Zeoli

10:00 Legal Issues for Equity Crowdfunding Platforms

• Crowdfunding under Title II – Solicitation vs. Non-Solicitation
• Equity investment structures
• Working with broker-dealers and other intermediaries
• State-only crowdfunding laws

Joseph P. Borg, Sara Hanks, Kiran Lingam

10:30 Networking Break

10:45 Top Legal Issues in Peer-to-Peer Lending

• The circuitous journey of peer-to-peer platforms
• Banking regulations and the “front end”:  the lender license, rate exportation and usury laws
• The rise of P2P platforms as bona fide sources of credit
• Fund formation and management  in peer-to-peer:  the investor experience and variations
• Broker-dealer and SEC registration issues in loans, loan participations and payment-dependent notes
• Investment advisors and the peer-to-peer client

Natasha Cupp, Neil S. Faden, Thomas J. Kim, Jahan Sharifi

11:45 The Maturing P2P Environment, Secondary Markets and Securitization

• Big pre-IPO capital raising
• Securitization as the peer- to-peer distribution outlet
• Secondary trading issues of peer-to-peer loans
• Lending to the Lenders: Warehouse lines

Tonio DeSorrento, Keir D. Gumbs, Gregory J. Nowak, Kim Wales

12:45 Commercial and Real Estate Peer-to-Peer Lending

• Issues in commercial lending, including licensing, custody and servicing
• The personal guaranty- what’s it really worth and is it enforceable?
• Commercial and Residential real estate transactions and the online loan marketplace
• International considerations:  Dealing with foreign investments and popular structures

John J. Arens, John Y. Chi, Lewis G. Feldman, Amy Wan 

1:45 Adjourn