
Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Author: Dan Brecher
Date: October 15, 2015
Counsel
212-286-0747 dbrecher@sh-law.comThe Dodd-Frank Act authorized everyday citizens (non-accredited investors) to participate in equity crowdfunding. The relaxed securities requirements for equity crowdfunding are expected to be a game changer for startups and small businesses because it will allow them to raise money through smaller investments from a large number of people.
Congress tasked the SEC with drafting implementing regulations, a task that has been mired in delays. According to Bloomberg BNA, SEC Chair Mary Jo White stated late last month that the agency will adopt its crowdfunding rules in the “very near term.” This is good news given that it has been nearly two years since the SEC first published its rule proposal; and, that was nearly two years after the JOBS Act passed.
As a reminder, some of the most significant provisions included:
The SEC has received thousands of public comments. Many criticized the strict disclosure and reporting requirements, citing that compliance costs may put crowdfunding offerings out of reach for many small businesses. The biggest obstacle may turn out to be the requirement for certified financials. Yet many applauded the compliance requirements and the SEC’s making investment fraud deterrence a top priority.
It is unclear what White considers to be the “very near term.” Hopefully, it will be a matter of weeks rather than months. We encourage our readers to check back here regularly for updates and analysis.
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