Tagged: jay clayton

Fintech: SEC FinHub to Become Standalone Office Renamed Strategic Hub for Innovation and Financial Technology

The Securities and Exchange Commission (SEC) announced a bit of end of the year housekeeping today by taking FinHub and morphing it into a standalone office now called the Strategic Hub for Innovation and Financial Technology. Valerie A. Szczepanik, who led FinHub will remain at… Read More

Chairman Jay Clayton Announces His Departure from SEC at End of Year

The Securities and Exchange Commission (SEC) has announced that Chairman Jay Clayton will depart the agency at the end of the year. The exit by Clayton has long been expected regardless of the outcome of the Presidential election. Clayton joined the SEC on May 4,… Read More

SEC Small Business Capital Formation Advisory Committee Prepares Recommendations on Finders

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met this week to discuss the topic of “Finders.” A Finder is an individual who helps a small business find investors and may be paid a fee for this service. Under existing rules,… Read More

On Deck: SEC Small Business Capital Formation Advisory Committee to Tackle Finders Next

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee has scheduled a meeting for next week that will include the important topic of “Finders.” Finders are individuals or firms that help to match investors to smaller businesses. On October 7, the SEC… Read More

The SEC Updates Reg CF, Reg A+ and More. Boosts Reg CF to $5 Million, Reg A+ Increased to $75 Million

During an open meeting of the Securities and Exchange Commission (SEC), the Commission approved updates to the exempt offering ecosystem that are designed to improve access to capital, boost access to greater opportunity for investors while maintaining important investor protection criteria. In a party-line vote,… Read More

Head of Corp Fin William Hinman to Depart SEC Later this Year

William (Bill) Hinman, Director of the Security and Exchange Commission’s Division of Corporation Finance, plans to leave the SEC later this year, according to a notice posted by the agency. Hinman joined the SEC in 2017 and was soon engulfed in the initial coin offering… Read More

SEC Proposes Exemption for Finders as it Seeks to Assist Small Businesses in Need of Capital

A Longstanding Grey Area Today at an open meeting, the Securities and Exchange Commission (SEC) proposed an update to rules pertaining to “Finders” –  individuals or firms that help smaller businesses find investors. The potential change will subject these individuals or firms to reduced regulation… Read More

Association of Online Investment Platforms Ask SEC to Immediately Boost Reg CF Cap to Help Alleviate Challenges of COVID-19

In a public statement, the Association of Online Investment Platforms (AOIP) has asked the Securities and Exchange Commission (SEC) to move quickly and to improve the regulatory environment to support small businesses during the ongoing COVID-19 health crisis. Addressed to SEC Chairman Jay Clayton, and… Read More

SEC Broadens Definition of Accredited Investor to Include Certain Sophistication Measures

As widely anticipated, the Securities and Exchange Commission (SEC) updated the definition of an Accredited Investor expanding the rule by adding certain sophistication criteria. The current definition defines an individual who earns over $200,000 a year ($300,000 if married) as accredited. If an individual has… Read More

Sebastian Gomez Abero Appointed as Deputy Director of the SEC’s Office of the Advocate for Small Business Capital Formation

Longtime Securities and Exchange Commission (SEC) staffer Sebastian Gomez Abero has been named Deputy Director of the SEC’s Office of the Advocate for Small Business Capital Formation (OASB). Gomez Abero has been serving as Senior Advisor to SEC Chairman Jay Clayton. The OASB was created… Read More

During House Hearing, SEC Chairman Jay Clayton Queried about US Attorney in Southern District of New York Selection, Expects Much of the Exempt Securities Ecosystem Review to be Finished by End of Fiscal Year

SEC Chairman Jay Clayton parried with members of the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets today. The topic of the hearing was, “Capital Markets and Emergency Lending in the COVID-19 Era,” but too few of the questions aligned with the subject the… Read More

SEC Chairman Jay Clayton to Testify Before House Subcommittee

SEC Chairman Jay Clayton is scheduled to testify on June 25th, at 12 pm ET, before the House Subcommittee on Investor Protection, Entrepreneurship. and Capital Markets. The topic of the hearing is, “Capital Markets and Emergency Lending in the COVID-19 Era.” The hearing is a… Read More

SEC Small Business Committee Tells Commission to Raise Reg CF Cap, Reg A+ Too

In May, the Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met to discuss pending decisions by the SEC regarding an update to the exempt offering ecosystem. The SEC Small Business Capital Formation Advisory Committee was established by the SEC Small Business… Read More

US Department of Labor Allows Private Equity Investments in 401Ks, the SEC Applauds Move

  Yesterday, the U.S. Department of Labor (DLO) issued an Information Letter under the Employee Retirement Income Security Act (ERISA) pertaining to private equity investments as a component of a professionally managed funds offered as an investment option for participants in defined contribution plans. Effectively,… Read More

Social Distancing: Annual SEC Small Business Forum to be Virtual this Year

The Securities and Exchange Commission (SEC) has announced that its annual Government-Business Forum on Small Business Capital Formation will be virtual this year. During SEC Chairman Jay Clayton’s tenure, the Forum has moved outside the beltway. Before Clayton, the Forum was held at SEC HQ… Read More

SEC Announces New Investor Advisory Committee Members, Still No Fintechs

The Securities and Exchange Commission (SEC) has added six new members to its Investor Advisory Committee. The Committee is required under law and it seeks to advise the Commission on regulatory priorities regarding securities, trading and investment, disclosure, and investor protection issues. The new members… Read More

SEC Relaxes Certain Reg CF Rules to Aid Smaller Firms in Need of Funding

The Securities and Exchange Commission (SEC) has announced that temporary rule changes regarding Reg CF (Regulation Crowdfunding) in light of the COVID-19 pandemic. According to a release, the SEC is following suggestions made by members of the SEC’s Small Business Capital Formation Advisory Committee. The… Read More

It’s Going to be Really Bad: SEC Small Business Committee Discusses COVID-19 Impact

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met today in a teleconference to discuss the impact of COVID-19 and small business. In brief, several Committee members expressed the opinion that it is going to be really bad. Martha Legg Miller,… Read More

NASAA Slams SEC’s Proposal to Update Accredited Investor Definition to Enable Sophisticated Individuals to Qualify

The North American Securities Administrators Association (NASAA), the entity that lobbies on behalf of state and provincial regulators, is “urging the Securities and Exchange Commission (SEC) not to move forward with its proposal to expand access to high-risk private securities offerings to individual investors.” NASAA… Read More

SEC Commissioners Issue Comments on Proposed Improvements to Exempt Offering Framework

Yesterday, the Securities and Exchange Commission (SEC) proposed significant changes to the exempt offering framework that should benefit issuers, investors and regulated platforms that facilitate these types of offerings. So far, industry response has been overwhelmingly positive. The proposed amendments will impact Reg CF, Reg… Read More

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