On April 20, 2017, amendments to Rule 147 and new Rule 147A, federal intrastate offering exemptions, finally went into effect. The amendments to Rule 147 and new Rule 147A are intended to modernize and update the exemption that allows companies to raise money from investors who… Read More
2016 brought with it many developments in the crowdfunding industry, most notably the introduction of the long-awaited Title III crowdfunding. While admittedly not all crowdfunding legislation passed was as influential, there have been significant strides made to improve existing securities regulations and to continue prying… Read More
The final rule updates to Rules 147 and 504 have finally hit the pages of the Federal Register. Now the countdown begins for the rules to become actionable. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through… Read More
On October 26, 2016, the SEC’s three Commissioners convened at their headquarters to adopt new rules intended to modernize what had historically been a little used path of raising capital for startups, early stage businesses and community-based enterprises: the so called intrastate exemption. It had… Read More
The Securities and Exchange Commission announced changes to Rule 147 and Rule 504 yesterday designed to improve the process in which businesses may sell securities within a state where they are based. These “intrastate” updates will impact the ability for issuing companies to crowdfund from… Read More
The Securities and Exchange Commission (SEC) voted to update Rules 147 and 504 today. The regulatory changes will improve the environment for intrastate crowdfunding. Some in the industry believe that intrastate crowdfunding may do better than Title III/Reg CF as some states have crafted more… Read More
The Securities and Exchange Commission is out with their agenda for the open meeting taking place at SEC HQ tomorrow (October 26,2016). At 10AM 11AM, the Commission will meet to discuss the Universal Proxy and Rules 147 and 504 that impact intrastate crowdfunding. If you… Read More
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
The SEC has scheduled a meeting to consider proposed amendments related to Rules 147 and 504 – securities regulations that impact intrastate crowdfunding. The meeting of the Commission is scheduled to commence at 10AM on Wednesday, October 26 at SEC HQ in Washington, DC. The… Read More
Last week, the North American Securities Administrators Association (NASAA) issued a statement in support of updating Rule 147 and Rule 504 of Reg D – rules that impact intrastate crowdfunding. The statement by NASAA supported a letter sent out by several members of the Congress… Read More
With the Federal Title III rules effective, there is certainly a lot of excitement surrounding national level “retail” crowdfunding to non-accredited investors. That’s obviously great news for the industry, but it’s important to remember that the majority of the states currently have some form of “intrastate”… Read More
As you may be aware, the Securities and Exchange Commission (SEC) is currently considering sweeping changes to some of the most long-standing rules and regulations governing private transactions. These changes include fundamental revisions of both Rule 501, the definition of “accredited investor” and arguably… Read More
With all the excitement last week surrounding the SEC’s release of the final Title III rules implementing “Regulation Crowdfunding,” the SEC’s vote in favor of proposing amendments to the current Rule 147 to help foster Intrastate Crowdfunding amounted to little more than a side-note…. Read More
Embedded below are proposed amendments by the Securities and Exchange Commission regarding Rule 147 and Rule 504 of Regulation D. These are federal securities rules that impact the 29 states and District of Columbia that have enacted forms of intrastate crowdfunding. The SEC is accepting… Read More
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
Securities and Exchange Commission Chair Mary Jo White opened up the meeting on Title III crowdfunding and rules impacting intrastate crowdfunding today with an explanatory statement on the agencies rule making process. The much-anticipated announcement incorporated several changes which will be well received by the… Read More
Published below are the proposed amendments impacting Rule 147 and Rule 504 of Reg D which impacts intrastate crowdfunding. The SEC stated its intent to refine what it means to be an intrastate offering and ease some of the issuer eligibility requirements in the current… Read More
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