February 28, 2019 @ 10:12 pm By JD Alois  |  

Last September, the Consumer Financial Protection Bureau (CFPB) issued a statement on their proposed regulatory sandbox – a concept trailblazed by the UK Financial Conduct Authority (FCA) and since embraced by multiple regulators around the world. At the time of the earlier announcement, the CFPB… Read More

August 27, 2018 @ 8:13 pm By Samuel Guzik  |  

President Trump:  It’s High Time for a few More Tweets to SEC Chairman Jay Clayton Any good litigator can tell you that the difference between success and failure is often the ability to ask the right questions – at the right times – and asking… Read More

April 12, 2018 @ 4:37 pm By JD Alois  |  

SEC Commissioners Michael S. Piwowar and Hester M. Peirce have delivered a letter to Chairman Michael Crapo of the Senate Committee on Banking and Chairman Jeb Hensarling of the House Financial Services Committee pertaining to a legislative push to increase the cap on Reg A+… Read More

January 7, 2018 @ 4:44 pm By JD Alois  |  

The regulatory drums are getting louder when it comes to initial coin offerings (ICOs). The first shot across the virtual bow was the Securities and Exchange Commission (SEC) Report addressing the DAO and the fact it was an unregistered security. Since last July, there have been… Read More

July 20, 2017 @ 7:40 pm By JD Alois  |  

Commissioner Michael Piwowar, who was Acting Chair of the Securities and Exchange Commission (SEC) until the successful appointment of Jay Clayton, visited with David Burton of the Heritage Foundation earlier this week providing a unique glimpse into the world of the SEC. Burton, who is… Read More

May 15, 2017 @ 11:00 am By Samuel Guzik  |  

With the Jumpstart Our Business Startups (JOBS) Act having just reached its five year milestone, Regulation Crowdfunding hitting its one year milestone, and the two year anniversary of Regulation A(+) fast approaching, I thought this would be a good time to (briefly) reflect on the… Read More

February 23, 2017 @ 2:49 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has published information and guidance for investors and the financial services industry regarding the use of Robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online. The Commission’s Division of Investment Management issued… Read More

February 21, 2017 @ 6:12 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has partnered with NYU’s Salomon Center for the Study of Financial Institutions to host a symposium on the effects of investment crowdfunding on February 28th. The Commission’s Division of Economics and Risk Analysis (DERA) is leading the dialogue and… Read More

February 18, 2017 @ 11:32 am By JD Alois  |  

SEC Acting Chair Michael Piwowar was present to open the meeting of the Advisory Committee on Small and Emerging Companies (ACSEC) last week. Piwowar, a Republican appointee, took the opportunity to highlight several policy issues. While pointing to the importance of small business as the… Read More

February 17, 2017 @ 2:00 pm By JD Alois  |  

SEC Acting Chair Michael Piwowar released a statement at the signing of the agreement between the Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) today. NASAA is the association that represents and lobbies on behalf of state and provincial securities regulators…. Read More

February 17, 2017 @ 1:48 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) have signed an information-sharing agreement regarding new rules to facilitate intrastate crowdfunding offerings and regional offerings take effect. NASAA is the lobbying group that represents state securities regulators. According to the… Read More

February 8, 2017 @ 2:57 pm By JD Alois  |  

The SEC’s Advisory Committee on Small and Emerging Companies (ACSEC) is scheduled to meet in Washington, DC next week at SEC HQ.  On the Committee’s agenda are two important issues: Secondary market liquidity for Regulation A Tier 2 and non-exchange listed companies and why companies are… Read More

November 20, 2016 @ 5:19 pm By JD Alois  |  

As a growing number of nations around the globe embrace the potential of Fintech to provide superior services to consumers, businesses and the under-banked, one country stands out as lacking in leadership in the evolution of finance. The US has been the epicenter of financial… Read More

November 14, 2016 @ 11:23 am By Jessica Pham  |  

The U.S. Securities and Exchange Commission (SEC) kicked off its Fintech Forum today with remarks by Chair Mary Jo White, followed by Commissioner Michael S. Piwowar and Commissioner Kara M. Stein. Chair White told the audience that “with power comes responsibility”, namely that new fintech products should… Read More

May 25, 2016 @ 4:35 pm By JD Alois  |  

“Should the Commission consider doing away with the notion of a so-called “accredited investor” altogether?” The above question is posed not by this digital publication but by a sitting SEC Commissioner, Michael S. Piwowar. The Commissioner was speaking at the recent gathering of the Advisory… Read More

May 20, 2016 @ 11:00 am By JD Alois  |  

    The SEC Advisory Committee on Small and Emerging Companies met yesterday at the SEC HQ on Capitol Hill. The main topic of discussion was the definition of an Accredited Investor. SEC Chair Mary Jo White was joined by her two remaining Commissioners, Michael… Read More

January 6, 2016 @ 1:18 pm By Georgia Quinn  |  

  When SEC Commissioner Piwowar lodged his controversial “NO” vote for the final rules implementing Title III Regulation CF last October, he did so with concern that the overcomplicated rules were laden with “traps” that could snare an unassuming company trying to raise funds. Unfortunately,… Read More

October 30, 2015 @ 1:43 pm By JD Alois  |  

SEC Commissioner Michael Piwowar cast the lone dissenting vote regarding final rules for Title III equity crowdfunding and proposed updates to Rule 147 which impact intrastate crowdfunding. Piwowar, the lone Republican appointee following the departure of Commissioner Gallagher, expressed his concern that Title III rules… Read More

October 30, 2015 @ 12:32 pm By Georgia Quinn  |  

What took place this morning is nothing short of revolutionary. For the first time in the history of the Securities and Exchange Commission (82 years), retail investors (ordinary people without income, wealth or sophistication qualifications) will be able to invest in private businesses en mass…. Read More

June 4, 2015 @ 11:53 am By Georgia Quinn  |  

A CATO Institute event on the status of capital markets in the US provided a bright spot to an otherwise bleak and rainy day in New York City. Amidst the libertarian rhetoric and literature, two speakers stood out with certain observations and proposed remedies to… Read More