Tagged: doug ellenoff

The Association of Online Investment Platforms Responds to SEC’s Proposed Changes to the Exempt Offering Framework

On March 4th the Securities and Exchange Commission (SEC) published a proposal to amend multiple securities exemptions. If enacted, the proposed amendments would be the largest changes to securities law since the passage of the JOBS Act, and will strengthen the small business and startup… Read More

SEC Proposes Raising Reg CF to $5 Million, Reg A+ to $75 Million, Adds Other Improvements to Security Exemptions

The Securities and Exchange Commission (SEC) proposed meaningful changes to multiple securities exemptions today. The pending rule change came following a closed meeting of the Commission without a public agenda. The proposals may dramatically impact platforms that facilitate online securities offerings and benefit smaller companies… Read More

Doug Ellenoff Comments on SEC Concept Release on Regulatory Harmonization: “The SEC has considerable rule making authority to make the changes it believes necessary”

The Securities and Exchange Commission (SEC) announced a significant review of the securities exemption ecosystem in June of this year. During the past few decades, the Commission, with some help from Congress, has updated and added to the many rules that regulate private securities offerings…. Read More

Association of Online Investment Platforms Visits Capitol Hill to Discuss Crowdfunding Exemptions & More with House & Senate Staffers

The Association of Online Investment Platforms (AOIP) visited both House and Senate staffers last week, along with a meeting at the US Department of Treasury. The goal of the trip was to review the status of current crowdfunding exemptions and what must be done to… Read More

Reg CF: In More than 3 Years this Crowdfunding Exemption has Seen Zero Fraud in Contrast to What Some Expected

Reg CF [Regulation Crowdfunding], the smallest of the three crowdfunding exemptions created by the bi-partisan JOBS Act of 2012, became officially actionable in May of 2016. In that time, hundreds of issuers have raised money on FINRA regulated “funding portals” taking advantage of the internet… Read More

US House Financial Services Subcommittee Debates the Merits of Securities Exemptions & Accredited Investor Definition

Yesterday, the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled “Examining Private Market Exemptions as a Barrier to IPOs and Retail Investment.” The hearing saw a debate on the merits of private securities exemptions, such as Reg D, Reg… Read More

Must See Live Stream: House Financial Services Subcommittee to Hold Hearing on Private Market Securities Exemptions & IPOs

Tomorrow (September 11), the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, will hold a must-see hearing on “Examining Private Market Exemptions as a Barrier to IPOs and Retail Investment.”  The Subcommittee is Chaired by Representative Carolyn Maloney. The Hearing incorporates multiple pending… Read More

Attorney Doug Ellenoff Comments on Blockstack Reg A+ Offering: “Chameleon Tokens – sometimes they are securities and sometimes they are arguably not”

Blockstack has kicked off the first qualified Reg A+ token offering. Blockstack has reportedly worked closely with the Securities and Exchange Commission (SEC) to get the offering approved. Multiple issuers have been attempting to use the JOBS Act exemption to facilitate security token offerings due… Read More

Association of Online Investment Platforms Issues Policy Paper Recommending Improvements to Crowdfunding Rules

The Association of Online Investment Platforms (AOIP) has published a series of policy recommendations encouraging Congress to act and improve the online capital formation marketplace by fixing existing flaws in crowdfunding rules. The AOIP is a newer advocacy group formed in the last year. The… Read More

Concept Release: The Securities and Exchange Commission Asks for Feedback on Ways to Harmonize Securities Exemptions

The Securities and Exchange Commission is seeking comments on the current securities exemption structure. In a release yesterday, the SEC asked the public to provide feedback on “ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor… Read More

Law Firm of Ellenoff Grossman & Schole Signs Licensing Agreement with Legaltech LawCloud

Previously doing business as iDisclose, LawCloud – a Legaltech firm based in New York City, has signed a licensing agreement with the law firm of Ellenoff Grossman & Schole LLP (EGS). LawCloud provides several legal services including software that automates a portion of the legal… Read More

Is the No Action Letter for TurnKey Jet a No-Action Non Event? Doug Ellenoff Comments on SEC Digital Asset Statement and STO Framework

Last week, the Securities and Exchange Commission (SEC) moved forward on clarifying their position regarding digital assets. First, a No-Action Letter (NAL) was released pertaining to the issuance of a token by TurnKey Jet. In a tightly defined issuance, Turnkey was deemed not to be… Read More

iDisclose No More: Legaltech Rebrands as LawCloud

Legaltech iDisclose is rebranding as LawCloud, according to a release by the firm. While the regulatory disclosure side of the business will continue to operate under the iDisclose brand, LawCloud has been deemed more appropriate to the company’s aspirations. LawCloud CEO Michael Knox said that the… Read More

Doug Ellenoff Comments on FINRA’s Priorities Letter & Intent to Target Online Securities Platforms, Points a Finger at ICOs

FINRA recently posted their annual Risk Monitoring and Examination Priorities Letter. As part of the letter, FINRA stated they would be evaluating how firms conduct suitability analyses as well as communications and AML requirements for both Reg D 506c and Reg A+ offerings. These two exemptions… Read More

A Potential Pathway Forward for U.S. Initial Coin Offerings

This summer, with little fanfare, the North American Securities Administrators Association (NASAA) announced some interesting and, in our view, directionally enlightened ideas on potential changes to state securities laws as they relate to secondary market trading. If you aren’t familiar with NASAA, it is a… Read More

Reading the Tea Leaves: Doug Ellenoff Shares Opinion on SEC Enforcement Action Against Two Post DAO Report ICO Issuers

Last week, the Securities and Exchange Commission (SEC) announced enforcement actions against two initial coin offerings (ICOs): Paragon (Paragon Coin Inc.) and AirFox (CarrierEQ Inc. dba Airfox). As the SEC recounted in their Administrative filing: Airfox: “Between August and October 2017, AirFox offered and then… Read More

Doug Ellenoff Discusses the Emerging Security Token Market, Contrasts STOs to the ICO World: In the US, a Utility Token is a Myth

Initial Coin Offerings (ICOs) hit the popular media screen during 2017 with stories of outrageous sums of money being raised online – sometimes under questionable circumstances. In total, according to EY, $4.1 billion was raised for the top ICOs during 2017. In 2018, that number… Read More

Legaltech iDisclose to Add Reg A+ Services to Existing Reg D, Reg CF Software

iDisclose, a Legaltech firm that currently provides streamlined solutions to complete both Reg D and Reg CF securities offerings, will soon add Reg A+ to its list of services. iDisclose has announced a new partnership with Ketsal Consulting, a firm comprised of former big law… Read More

AOIP: New Association Launched to Help Guide Investment Crowdfunding Industry

Youngro Lee of NextSeed 3

Association of Online Investment Platforms Seeks to Boost Trust, Educate Investors & Help Businesses in Need of Funding The investment crowdfunding industry in the United States was launched following the signing of the JOBS Act of 2012. This bi-partisan legislation enabled online platforms to promote… Read More

Prominent Group of Fintech Leaders Send Letter to SEC Chair Jay Clayton Demanding an Increase in Regulation Crowdfunding to $20 Million

In a letter forwarded to Securities and Exchange Commission (SEC) Chairman Jay Clayton, a group of Fintech leaders demanded the Commission to increase Regulation Crowdfunding (Reg CF) from the current $1.07 million max amount to $20 million – a substantial increase to current rules. The… Read More

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