Tagged: sec

October 19, 2015 @ 8:30 am By Anthony Zeoli  |  

As many of you know, since the release of the final Title IV (i.e. “Regulation A+”) rules earlier this year, Massachusetts and Montana have been vehemently contesting the provisions allowing for pre-emption of State regulation with respect to “Tier II” offerings. They have even gown… Read More

October 16, 2015 @ 2:22 pm By JD Alois  |  

The team at Engine, under the leadership of Evan Engstrom, Policy Director of the group, has crafted a must-read document on what needs to be fixed to address the shortcomings of Title III, equity crowdfunding.  While both Reg A+ (Title IV) and accredited crowdfunding (Title… Read More

October 8, 2015 @ 1:02 pm By Jor Law  |  

For years, most capital raises conducted by private companies have primarily relied on Regulation D as an exemption from compliance with certain burdensome securities laws.  In particular, most offerings were conducted under what was known as Rule 506 under Regulation D.  Those offerings, which have… Read More

October 2, 2015 @ 6:15 pm By JD Alois  |  

SEC Commissioner Daniel Gallagher said farewell to agency he has called his professional home for so many years. A true champion of small business and rational regulation, Gallagher published a final note as  he ended one chapter and prepared to start a new one. In… Read More

September 29, 2015 @ 11:56 am By JD Alois  |  

The SEC will be holding a meeting of its Equity Market Structure Advisory Committee on October 27, beginning at 9:30 a.m. ET.   This will be the second meeting of the group which was established this past February to provide a formal mechanism for the… Read More

September 28, 2015 @ 11:14 am By JD Alois  |  

Outgoing SEC Commissioner Daniel Gallagher presented a statement at the opening of the SEC Advisory Committee on Small and Emerging Companies (ACSEC).  Gallagher lauded the group’s commitment, energy and dedication over the past two years calling the members work “critical in helping to bring forward… Read More

September 24, 2015 @ 10:16 pm By JD Alois  |  

The SEC has renewed the mandate for the Advisory Committee on Small and Emerging Companies (ACSEC) for two more years.  The committee’s charter is to  provide the SEC with advice on rules and policies that protect investors while aiding in capital formation, specifically with SMEs…. Read More

September 23, 2015 @ 10:43 am By JD Alois  |  

The Advisory Committee on Small & Emerging Companies (ACSEC) convened today (September 23, 2015), submitting their recommendations on three different areas regarding securities regulations. The three items include: Modernizing Rule 147 under the Securities Act of 1933 (impacting intrastate investment crowdfunding) Expanding Simplified Disclosures for Smaller… Read More

September 21, 2015 @ 6:00 am By Georgia Quinn  |  

It was bittersweet walking into Commissioner Daniel Gallagher’s office for the first and last time. He has been a true champion for small business and access to capital and we all owe him a debt of gratitude. It was also wholly appropriate that the amazing… Read More

September 11, 2015 @ 3:10 pm By JD Alois  |  

The SEC Advisory Committee on Small and Emerging Companies (ACSEC) will be holding its next meeting at the SEC headquarters on Wednesday, September 23rd.  The meeting will commence at 9:30AM and is open to the general public.  The SEC will live-stream the event on the… Read More

September 11, 2015 @ 10:42 am By Samantha Hurst  |  

SoFi, the second largest marketplace lender, today announced Arthur Levitt, the longest-serving chairman of the US Securities and Exchange Commission (SEC), will become an advisor.  Levitt served at the SEC from 1993 to 2001. The firm also announced it has surpassed $4 billion in funded… Read More

September 4, 2015 @ 4:53 pm By JD Alois  |  

Securities and Exchange Commissioner Daniel Gallagher announced in a brief statement today that he intends on departing the SEC no later than October 2nd.  His term was not set to expire until 2016. Gallagher submitted his resignation to President Obama in May of 2015 but… Read More

August 31, 2015 @ 1:30 pm By JD Alois  |  

As aptly stated in one publication, Massachusetts and Montana are giving Regulation A+  – an F.  While the failing grade is perplexing to most casual observers, the battle over this new investment crowdfunding exemption and the petitioning states is nowhere near completion. In a filing… Read More

August 25, 2015 @ 11:22 am By Samantha Hurst  |  

A group of business aviation visionaries today invited the world to help shape and own the future of flight. Starting today, aviation enthusiasts and crowdfunders nationwide are actively participating in the launch of XTI Aircraft Company’s (XTI) equity crowdfunding campaign on StartEngine, which is considered the first funding effort… Read More

August 20, 2015 @ 9:04 pm By Erin Hobey  |  

“The last three months have seen around $150 million provided to 144 small businesses within The Funding Network. We’re estimating our total funding volume in 2015 to be around $800 million. Beyond that, I see huge potential for Symbid if we can continue to expand… Read More

August 19, 2015 @ 5:00 pm By Charles Kaufman and Jor Law  |  

If your company has decided to take advantage of the new avenues for reaching investors under Regulation A, the biggest task you face will be preparing an offering statement that includes mandatory disclosures about the offering and the offeror, and obtaining Securities and Exchange Commission… Read More

August 19, 2015 @ 1:56 pm By JD Alois  |  

The SEC has announced that Shelly Luisi has been named as an Associate Director in the Division of Corporation Finance. Luisi currently is a Senior Associate Chief Accountant in the SEC’s Office of the Chief Accountant, where she co-leads the staff responsible for the agency’s… Read More

August 14, 2015 @ 4:00 pm By Anthony Zeoli  |  

Last week the Securities and Exchange Commission (SEC) responded to a “no-action” letter (RE: Citizen VC, Inc.) concerning the establishment of “substantive relationships” with previously unknown potential investors and what constitutes “general solicitation” in the context of a private securities offering. The SEC also issued… Read More

August 12, 2015 @ 8:47 am By JD Alois  |  

Real estate platform RealtyShares has shared their perspective on the recent no-action letter issued by the SEC in response to an inquiry by Citizen VC, Inc. as to that company’s method of onboarding new investors. The letter forwarded to the SEC by Citizen.VC counsel Mintz Levin outlined several policies and… Read More

August 11, 2015 @ 9:32 pm By JD Alois  |  

Citizen.VC, a online investment platform that leverages 506(b) Reg D private placements but NOT 506(c) placements, has received a “No Action” letter from the SEC regarding questions and clarifications as to what qualifies as general solicitation and the establishment of relations with investors.  The guidance… Read More