As you may know, Montana has filed a “Petition For Review” to challenge the final rules adopted by the SEC under Title IV of the JOBS Act (commonly referred to as Regulation A+). In connection with its suit, Monica J. Lindeen, Montana State Auditor and… Read More
The Securities and Exchange Commission’s (SEC) Advisory Committee on Small and Emerging Companies met in early June to discuss various topics concerning, of course, small businesses. One of the primary topics the Committee addressed was the growing enactment and use of state-based crowdfunding (i.e. “Intrastate… Read More
As you may remember, in an earlier post entitled “Investor Protection Issue – Why You May Want To Reconsider How “Secure” You Feel About Your Real Estate Crowdfunding Investment,” I took issue with the fact that the majority, if not all, currently offered Real Estate… Read More
Early last week the Financial Industry Regulatory Authority (FINRA) rolled out a multi-million dollar ad campaign promoting its online research tool called “BrokerCheck.” BrokerCheck is free online database intended to provide the investing public with an east way to research brokers and investment advisers before… Read More
For years now, big bank lenders have warned the public about the dangers of dealing with “shadow” (i.e. non-bank) lending institutions. The term itself conjures up images of shady back-room deals where you’re handed money in a paper bag and told to pay it back… Read More
I am absolutely thrilled to be able to say that, after over a year of lobbying, this week the Illinois Intrastate Crowdfunding Bill (HB 3429) was approved. In fact, in a rare display of true bipartisan action (especially for Illinois), the bill was approved unanimously… Read More
Normally when I write about updates on intrastate crowdfunding legislation it’s simply to let readers know that one, two, maybe even as many as three states have either enacted or proposed new legislation. Not this time, however, as the first quarter of 2015 has brought… Read More
The Crowdfunding Professional Association (CfPA) has announced an expanded Board of Directors going from 3 members to 13 and appointed new officers. Joining current board members Brian Korn, Scott McIntyre and Thell Woods as CfPA Directors are Joe Bartlett, Jordan Fishfeld, Sam Guzik, Alon Hillel-Tuch, John Mueller, Rodney… Read More
They say that there is no such thing as bad press but I am not so sure that I agree with that statement. While this may be the case for the Kardashians, I don’t think the same holds true for the crowdfunding/P2P lending industries. In… Read More
It is clear that peer-to-peer (P2P) lending is here to stay but long gone are the days of actual “peers” lending to “peers.” Today Wall Street firms, hedge funds and other “big money investors”, make up the overwhelming bulk of the funds being lent through… Read More
The Securities and Exchange Commission met today to finalize rules for Title IV of the JOBS Act, commonly referred to as Regulation A+. As expected the Commission quickly approved rules that included state Blue Sky pre-emption but for only Tier 2 of Title IV. The… Read More
Earlier this month, Commissioner Luis A. Aguilar addressed the Advisory Committee on Small and Emerging Companies in Washing D.C. In his speech (embedded below), Commissioner Aguilar echoed the sentiments of the market in arguing the need for increased liquidity in the private placement market. His… Read More
Facebook has just announced the release of a new “P2P” payment feature incorporated in its messenger service. The application will allow users to send & receive money to each other using their platform. Facebook launched the service saying “it is easy, and it is free”. The… Read More
Alright so maybe “all hail” might be a little much but cut me some slack, I’m excited. After more than a year of lobbying, campaigning and pounding the pavement Illinois finally has a filed intrastate crowdfunding exemption bill. Well, that’s not entirely true … Illinois… Read More
Early in 2014, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced its intention to conduct an examination of certain registered broker-dealers and investment advisers in order to assess the general vulnerability of the securities industry, as a whole, to cyber-attacks…. Read More
As the S.E.C. continues to drag its feet on releasing final Title III crowdfunding rules, the intrastate crowdfunding movement shows no signs of slowing down. Here is a brief update as to the status of the enactment/use of intrastate crowdfunding exemptions in certain states. Minnesota… Read More
In late December of last year, the North American Securities Administrators Association (NASAA) launched, what it refers to, as its Electronic Filing Depository (EFD) system. The EFD system is designed to allow users to submit certain required “blue sky” notice filings in connection with exempt… Read More
Last week I had the opportunity to attend the 2014 Government-Business Forum on Small Business Capital Formation in Washington D.C. where Commissioner Daniel M. Gallagher gave his opening remarks after the first panel. In what I can only refer to as a “mic drop”… Read More
While just recently uploaded, sometime in October David Tatman, the administrator of the Division of Finance and Corporate Securities, filed a “Statement Of Need And Fiscal Impact” with the Oregon Secretary of State proposing , what he refers to as, “Community Public Offerings” (CPOs) …… Read More
Minnesota has joined the growing list of states that may want legalized investment crowdfunding now -and not just for accredited investors. Recognizing that Title III is encumbered with excessive costs and a too low cap on amounts an issuer may raise, a group called “MNvest”… Read More
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