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Tag Archives: Title III

Free Friday

Posted in Crowdfunding, Events

On Friday, January 10, Practising Law Institute will be hosting a “Free Friday” during which the briefing “Wisdom of Crowds: A Review of the Proposed Crowdfunding Regulatory Framework” will be accessible to everyone for free. The briefing, which was presented in November by David Lynn and Anna Pinedo, focuses on the proposed rules implementing the… Continue Reading

A Year End Look at the JOBS Act

Posted in Crowdfunding, IPO On-Ramp, JOBS Act News, Regulation A+, Rule 506

2013 has proven to be a strong year for IPOs.  According to a recent PWC study, total IPO volume for 2013, as of December 17, reached 237 public company debuts, which is an increase over 2012.  The overwhelming majority of these IPOs were completed by issuers that qualified as emerging growth companies.  (The full details… Continue Reading

Standing out from the Crowd: A Closer Look at the SEC’s and FINRA’s Proposed Crowdfunding Rules

Posted in Crowdfunding

In this alert, we provide a detailed overview of the proposed regulatory framework that will be applicable to crowdfunding offerings conducted pursuant to Title III of the JOBS Act in reliance on Section 4(a)(6) of the Securities Act. As we have noted in our prior initial observations related to the rules proposed by the Securities… Continue Reading

Observations Drawn from SEC’s Crowdfunding Proposal

Posted in Crowdfunding

Even if you have no interest in crowdfunding, there are a number of interesting elements in the SEC’s crowdfunding proposal that may have broader applicability. Phased disclosure:  the crowdfunding proposal incorporates a number of information requirements.  An issuer that intends to engage in a crowdfunded offering must prepare certain disclosures, which will be filed on… Continue Reading

Wisdom of Crowds: A Review of the Proposed Crowdfunding Regulatory Framework

Posted in Crowdfunding, Events

On November 15, 2013 at 1:00 pm, Morrison & Foerster partners David Lynn and Anna Pinedo will participate in a PLI webcast on crowdfunding. In October, the Securities & Exchange Commission approved proposed rules implementing the JOBS Act mandate to create an exemption from registration for certain crowdfunded offerings. The proposal, which was long-awaited, outlines… Continue Reading


Posted in JOBS Act News

In two programs focusing on the JOBS Act, Anna Pinedo and David Lynn of Morrison & Foerster share their expertise to help course attendees gain a greater understanding of the JOBS Act and its implications for different types of companies. JOBS Act Program 1 – Title I Topics include: IPO on-ramp IPO process for an… Continue Reading

FINRA to Consider Request for Comment on Crowdfunding

Posted in Crowdfunding

In its upcoming July 11th meeting, FINRA will consider a proposal to solicit comment via Regulatory Notice on proposed rules and related forms governing funding portals pursuant to Title III of the JOBS Act.   See the FINRA release:  http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P292644.

JOBS Act at Year 1

Posted in Crowdfunding, Decimalization, Emerging Growth Company Status, Exchange Act Registration Thresholds, IPO On-Ramp, Private Placements, Regulation A+, Research, Rule 506

Any milestone, such as an anniversary, provides an opportunity for reflection and evaluation.  At the one-year anniversary of the JOBS Act, preliminary experience gives reason for some optimism.  The centerpiece of the JOBS Act, the “IPO on-ramp” provisions contained in Title I, have proven quite useful.  The SEC Staff’s guidance in the form of Frequently… Continue Reading

FINRA Launches Funding Portal Form

Posted in Crowdfunding

As we noted, last month FINRA’s Board of Governors authorized FINRA to issue an interim form to seek essential information from prospective funding portals intending to apply for membership with FINRA pursuant to the JOBS Act.  FINRA has now announced the availability of the Interim Form for Funding Portals (“IFFP”), which is an online form… Continue Reading

FINRA Joins the Crowd: Request for Comment on Crowdfunding

Posted in Crowdfunding

Today, FINRA published Notice 12-34 requesting public comment on the scope of FINRA regulation that would be appropriate for member firms active in crowdfunding offerings. This is a welcome request, as it confirms FINRA’s role as the SRO with oversight over funding portals (which are not broker-dealers), and also seems to recognize that regulation of funding portals should… Continue Reading