
Kenneth C. Oh
Counsel
212-784-6911 koh@sh-law.comFirm Insights
Author: Kenneth C. Oh
Date: November 4, 2013
Counsel
212-784-6911 koh@sh-law.comWhile crowdfunding has become a popular way to raise money online, securities regulations kept it out of reach for many investors and small businesses. Once final rules are adopted, start-ups and growing ventures will be permitted to solicit investments from “everyday” investors using the Internet.
The SEC’s proposed rules to implement the JOBS Act provisions set forth the regulatory framework under which equity crowdfunding will operate. Some of the most significant provisions include:
The proposed rules demonstrate the SEC’s goal of balancing the competing interests of promoting business growth and ensuring investor protection. On the one hand, the investor limits ensure that individuals do not risk more than they can afford to lose. On the other, the financial intermediary can rely on the information provided by investors regarding their income and net worth.
Now that the SEC has finally got the ball rolling on crowdfunding, the public has 90 days to comment. However, it could be six months or more before the final rules are issued. In the meantime, businesses can continue to raise money from investors through the present private placement exemptions from registration.
If you have any questions about the SEC’s proposed crowdfunding rules or would like to discuss the legal issues involved, please contact me, Kenneth Oh, or the Scarinci Hollenbeck attorney with whom you work.
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