Tagged: sec

September 14, 2016 @ 5:23 pm By JD Alois  |  

SEC Chair Mary Jo White reaffirmed her interest in providing improved liquidity for shares in smaller companies mentioning specifically Reg A+ and Reg CF. In a wide-ranging speech on equity market structure, White injected a “word on quality markets for smaller companies.” White stated; “…I… Read More

September 14, 2016 @ 10:50 am By JD Alois  |  

The SEC is constantly churning out releases and statements and, at times, advice for investors. Earlier this week they revisited an important topic: fees and expenses ladled on by funds and firms can harm your long-term investment returns. Most investors focus on top line numbers… Read More

September 8, 2016 @ 12:00 pm By Anthony Zeoli  |  

In connection with a private offering of securities the issuer will provide potential investors with some form of disclosure document. Regardless of what type of offering it is (e.g. Rule 506, Title III, Intrastate, or other private offering), the intent of this disclosure document is… Read More

August 31, 2016 @ 3:14 pm By JD Alois  |  

The SEC generates fees in a bit of a convoluted fashion.  No fault of their own, the SEC is mandated by law to set the fee based on the Commission’s projections for the fiscal year.  The regulator had some help in the methodology as the… Read More

August 30, 2016 @ 3:20 pm By JD Alois  |  

The SEC Office of Investor Education and Advocacy has issued a bulletin regarding Real Estate Investment Trust’s or REITs. The SEC has created a comparison chart differentiating between publicly traded REITs and Non-Traded REITs. As one would expect, non-traded REITs are not listed on any… Read More

August 20, 2016 @ 7:19 pm By JD Alois  |  

The case of the Ascenergy crowdfunding fraud came to light just as Reg CF or Title III crowdfunding rules were announced to the public in October of 2015.   Ascenergy, an aspiring oil and gas operation, had raised about $5 million from approximately 90 investors,… Read More

August 17, 2016 @ 8:55 am By JD Alois  |  

iDisclose is offering a new service and it is free to all. iDisclose has launched a free “SEC scrubber tool” for companies uploading documents to the Securities and Exchange Commission’s EDGAR database. The online tool automates the process for PDFs to conform to an SEC… Read More

July 28, 2016 @ 6:38 pm By JD Alois  |  

The Securities and Exchange Commission will hold a meeting of the Equity Market Structure Advisory Committee on August 2, beginning at 9:30 a.m. EDT.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on… Read More

July 22, 2016 @ 12:43 pm By JD Alois  |  

According to Reuters, Trendon Shavers, founder of the Bitcoin Savings and Trust company, received 18 months in prison and was ordered to pay back $1.25 million to his victims.  The sentence was handed down this week by US District Judge Lewis A. Kaplan in Federal… Read More

July 22, 2016 @ 11:12 am By JD Alois  |  

The SEC Advisory Committee on Smaller and Emerging Companies (ACSEC) has submitted its final recommendations to the Commission regarding the definition of an accredited investor. ACSEC has continued to advocate on behalf of its thesis that the SEC “should do no harm” and not reduce nor… Read More

July 19, 2016 @ 5:42 pm By JD Alois  |  

Daniel Zinn, General Counsel of OTC Markets, visited the SEC Advisory Committee on Small and Emerging Companies (ACSEC) today. He followed a presentation by Paul Elio of Elio Motors to continue a theme on Reg A+, providing liquidity and the future of venture markets. The… Read More

July 19, 2016 @ 12:16 pm By JD Alois  |  

During the ACSEC meeting this morning, the SEC provided some interesting numbers regarding Reg A+.  Title IV of the JOBS Act, now commonly referred to as Reg A+, has been actionable for over a year so it was interesting to get an update from the… Read More

July 19, 2016 @ 10:07 am By JD Alois  |  

Below is the draft letter from the Advisory Committee on Small and Emerging Companies (ACSEC) regarding the definition of an Accredited Investor. The Committee is working on the details now with one of the suggestions being a test of sophistication that allows a work-around from… Read More

July 18, 2016 @ 9:53 am By JD Alois  |  

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) will be holding a meeting at the SEC Headquarters on Tuesday, July 19, 2016. The meeting is open to the public and will be live-streamed on the SEC website. The agenda is published below. AGENDA… Read More

July 14, 2016 @ 3:47 pm By JD Alois  |  

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) has published its agenda for its meeting next week and it should be a more interesting gathering. As part of the ACSEC program, the SEC Division of Corporate Finance will deliver an update on the… Read More

July 13, 2016 @ 2:36 pm By JD Alois  |  

The Securities and Exchange Commission proposed rules today to streamline and simplify certain disclosure requirements to “eliminate redundant, overlapping, outdated, or superseded provisions.” SEC Chair Mary Jo White commented on the proposal; “The proposed amendments address outdated and redundant disclosure requirements while continuing to require… Read More

July 13, 2016 @ 11:23 am By JD Alois  |  

The SEC Advisory Committee on Small & Emerging Companies (ACSEC) has scheduled its next meeting for Tuesday, July 19, 2016 commencing at 9AM. These meetings are held at the SEC Headquarters in Washington, DC and are open to the public. The SEC will live-stream the… Read More

July 12, 2016 @ 9:56 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced three new members of the Investor Advisory Committee (IAC).  The new members are: John Coates, John F. Cogan Jr. Professor of Law and Economics at Harvard Law School, and Research Director of the Center on the Legal… Read More

July 11, 2016 @ 7:26 pm By JD Alois  |  

The SEC filed an administrative proceeding today regarding a Cease & Desist instituted against SecondMarket and Bitcoin Investment Trust (BIT).  The entire affair relates back to an event in 2013, where BIT, a Delaware trust whose sole assets were bitcoins, began offering shares on the… Read More

July 9, 2016 @ 9:23 am By JD Alois  |  

The SEC Investor Advisory Committee (IAC) has scheduled a meeting for Thursday, July 14, 2016.  The agenda for the IAC meeting is scheduled to include remarks from the SEC Commissioners; a discussion of the state of sustainability reporting; a discussion regarding investment company reporting modernization;… Read More