The SEC recently posted on its website the Final Report from the 2012 SEC Government-Business Forum on Small Capital Formation, which was held in the fall of 2012. The report may be accessed at http://www.sec.gov/info/smallbus/sbforum.shtml. The report includes 35 recommendations from the Forum, with quite a number of these focused on crowdfunding. Setting aside those… Continue Reading
Tag Archives: accredited investor
Another Day, Another JOBS Act Hearing
Posted in Rule 506 RulemakingToday, Commissioner Elise Walter testified before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services regarding the SEC’s implementation of Title II of the JOBS Act. Commissioner Walter noted that finalizing the rulemaking is one of the SEC’s “top priorities.” The Commissioner reviewed the pre-rulemaking comments that were received, as well… Continue Reading
AngelList Receives No-Action Letter Guidance
Posted in Broker-Dealer RegistrationThe Division of Trading & Markets also issued no-action letter guidance to AngelList in which the Staff indicated that it would not recommend enforcement action for failure to register as a broker-dealer if AngelList and its affiliates were to establish an internet-based platform to facilitate angel investing by accredited investors. An affiliate of AngelList that… Continue Reading
FundersClub Obtains Broker-Dealer Registration No-Action Relief
Posted in Broker-Dealer Registration, Crowdfunding, Private Placements, Rule 506 Rulemaking, SEC NewsOn March 26, 2013, the SEC’s Division of Trading and Markets provided no-action relief to FundersClub Inc. and FundersClub Management LLC, indicating that the Division would not recommend enforcement action under Section 15(a)(1) of the Exchange Act if FundersClub and FundersClub Management LLC operated a platform through which its members could participate in Rule 506… Continue Reading
Trust, and Verify
Posted in Rule 506 RulemakingIn considering the relaxation of the prohibition against general solicitation and general advertising that was incorporated into the JOBS Act, Congressional attention seemed to focus on some quid pro quo arrangement that demands verification of accredited investor status. This leads us to wonder why it takes a “trade” of this sort to justify removing the… Continue Reading