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

January 4, 2018 @ 12:22 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has published a list of concerns and red flags regarding cryptocurrency investment offers. NASAA is the lobbying group that represents state and provincial securities regulators. Joseph Borg, the Director of the Alabama Securities Commission and current NASAA President… Read More

August 16, 2017 @ 2:31 pm By Amy Pearl  |  

  “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” -Margaret Mead, Anthropologist This quote is often used to nudge small groups of activists into increased optimism. To remind us that sweeping… Read More

August 14, 2017 @ 1:14 pm By JD Alois  |  

The regulatory environment continues to evolve for investment crowdfunding. While many people may have heard of the various federal exemptions that allow non-public companies to sell securities online (Reg D 506c, Reg A+ and Reg CF) most people are probably unaware of the fact that… Read More

June 4, 2017 @ 1:51 pm By JD Alois  |  

There were several interesting presentations at the most recent SEC Advisory Committee on Small and Emerging Companies (ACSEC) meeting last month.  One of the reports came from the North American Securities Administrators Association (NASAA) – the group that represents and lobbies on behalf of state… Read More

April 19, 2017 @ 10:03 pm By JD Alois  |  

Crowdfunding, as allowed under Reg CF (created by Title III of the JOBS Act) was designed to improve access to capital for smaller firms in need of funding while providing new investment opportunities for smaller investors. For too many years the little guy has been… 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

October 23, 2016 @ 12:59 pm By Anthony Zeoli  |  

Almost a year ago, the SEC proposed certain amendments to the current Rule 147 which were intended to help foster, and increase the viability of, Intrastate crowdfunding. While little has been heard about these amendments since their release (except from Intrastate proponents like me of… Read More

October 8, 2016 @ 2:46 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has posted a request for comments on a proposed stated of policy regarding usage of electronic documents and electronic signatures. As paper quickly fades into the past, digital documents have become the norm and not the exception.  This… Read More

July 16, 2016 @ 7:35 pm By JD Alois  |  

The North American Securities Administrator Association (NASAA), the lobbying group for state securities regulators, published a comment last week regarding the passage of the National Securities Exchange Regulatory Parity Act (HR 5421).  NASAA appears ready to battle the legislation, which passed on a voice vote… Read More

July 6, 2016 @ 5:34 pm By JD Alois  |  

The State of Washington has adopted rules requiring companies raising capital under Reg CF to submit notice filings, along with a fee, if the company’s principle place of business is the state of Washington.  The rule also requires a notice filing if over 50% of… Read More

June 27, 2016 @ 7:30 am By Samuel Guzik  |  

  When it comes to capital formation for SME’s through federal legislation, one can usually count on the North American Securities Administrators Association (NASAA) to do their best to block or narrow any new paths which Congress or the SEC may seek to create.  The… Read More

June 14, 2016 @ 1:21 pm By JD Alois  |  

The United States Court of Appeals, for the District of Columbia Circuit, has shot down an attempt by state regulators to turn back Title IV of the JOBS Act, also called Regulation A+. The action filed against the SEC was brought to bear by the… Read More

May 28, 2016 @ 12:56 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) has published a comment letter expressing their opinion on the definition of an Accredited Investor. As mandated by Dodd-Frank, the Securities and Exchange Commission (SEC) must review the current definition on a periodic basis. As it stands today,… Read More

May 26, 2016 @ 4:56 pm By JD Alois  |  

Last week on day one of Reg CF, the North American Securities Administrators Association (NASAA) posted a request for comments on a proposed rule.  NASAA desires the requirement of an additional filing for Reg CF issuing companies to be completed in those states where either… Read More

April 15, 2016 @ 12:32 am By JD Alois  |  

  The Subcommittee on Capital Markets and Government Sponsored Enterprises, part of the House Financial Services Committee, reviewed several proposed acts of legislation crafted to help smaller business and grow the economy today (April 14).  Chaired by Congressman Scott Garrett, the hearing was labeled “The… Read More

April 13, 2016 @ 10:17 am By JD Alois  |  

The Subcommittee on Capital Markets and Government Sponsored Enterprises, part of the House Financial Services Committee, has scheduled a hearing for tomorrow (Thursday, April 14 @10AM ET) that has been labeled, “The JOBS Act at Four: Examining Its Impact and Proposals to Further Enhance Capital Formation”.  The… Read More

March 21, 2016 @ 7:46 pm By JD Alois  |  

The lawsuit against the SEC targeting the updated exemption called Reg A+ will take another step forward next month as oral arguments are scheduled to be heard in the US Court of Appeals, District of Columbia. The case known as Monica J. Lindeen, Montana State… Read More

January 27, 2016 @ 2:17 pm By JD Alois  |  

The SEC Investor Advisory Committee met last week in Washington, DC. The periodic meeting was opened by Chair White who mentioned Title III retail crowdfunding specifically; “Regulation Crowdfunding becomes effective in May and funding portals can begin to register with the Commission later this month. … Read More