With the very recent advent of equity crowdfunding, start-up businesses now have the opportunity to receive funding by offering and selling securities to the general public. In order to govern this new method of securities transaction, the SEC issued Regulation CF (for CrowdFunding). In a bulletin published by the SEC concerning the advertisement of crowdfunded…

It is very difficult to keep track of how many Regulation A+ offering statements have been filed and how many have been qualified (or approved) by the SEC.  However, last week Mary Jo White gives us a glimpse as to how many in her speech in Lima Peru. She states, “Since effectiveness of Regulation A+…

North Carolina’s Patrick McHenry is at it again folks.  For those of you who don’t know, McHenry’s bill the “Entrepreneur Access to Capital Act” was the pioneer of the JOBS Act and largely integrated into the JOBS Act.  Hats off to Representative McHenry. On March 23, 2016, Representative McHenry introduced H.R. 4855 dubbed the “Fix Crowdfunding…

A Conversation with Chair Mary Jo White Keynote Session 43rd Annual Securities Regulation Institute Chair Mary Jo White San Diego, California Jan. 26, 2016 SEC Chair Mary Jo White participated in a Q&A session with Steven Bochner, Chair of the Securities Regulation Institute. The Q&A was part of Northwestern University School of Law’s 43rd Annual…

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, known as the FAST Act. Although aimed principally at authorizing spending on highway and transit projects, the FAST Act includes several amendments to the Jumpstart Our Business Startups Act (“JOBS Act”) and other securities law provisions. The aspects of the…

The SEC prepared a release with highlights of the recommended final Regulation Crowdfunding rules  The recommended rules would, among other things, enable individuals to purchase securities in crowdfunding offerings subject to certain limits, require companies to disclose certain information about their business and securities offering, and create a regulatory framework for the intermediaries facilitating crowdfunding…

The Jumpstart Our Business Startups Act (“JOBS Act”) was passed by Congress in April 2012 has been implemented in stages through a contentious standoff between the SEC and Congress.  This sweeping reform was passed by Congress and the SEC was not given sufficient resources to implement the JOBS Act. Timeline for JOBS Act Implementation Title…

Today (February 20, 2015) the Chair of the Securities and Exchange Commission (“SEC”) Mary Jo White gave her opening remarks at the annual “SEC Speaks” conference. Bloomberg summarizes her speech here. She outlined three main goals of rule making for 2015.  One of these goals was to “Facilitate capital formation for smaller issuers” (i.e., make…

In January 2015, the House of Representatives passed H.R. 37 named the Promoting Job Creation and Reducing Small Business Burden Act. The bill, among other things, proposes to ease reporting obligations for emerging growth companies (“EGCs”) and small issuers generally. Emerging Growth Company status is a temporary status given to smaller issuers wanting to go…

A proposed portion of the Jumpstart Our Business Startups Act, or JOBS Act, has many people buzzing about a whole new opportunity. This new section in Title III of the Act will make it possible for the sale of crowdfunded equity securities through a medium called Funding Portals. People have been comparing these proposed Funding…