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    Comments on the SEC's Proposed Rules for Regulation Crowdfunding
    Comments on the SEC's Proposed Rules for Regulation Crowdfunding
    Comments on the SEC's Proposed Rules for Regulation Crowdfunding
    Ebook45 pages47 minutes

    Comments on the SEC's Proposed Rules for Regulation Crowdfunding

    By Private Placement Handbook Series

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    About this ebook

    Title III of the JOBS Act added Section 4(6) to the Securities Act to provide an exemption from the registration provisions of the Securities Act for crowdfunding transactions involving the offering of securities, and added Section 4A to the Securities Act to set forth the requirements for issuers and intermediaries, liability provisions, and certain other matters relating to crowdfunding. In addition, Short description

    LanguageEnglish
    PublisherPrivate Placement Handbook Series
    Release dateSep 19, 2015
    ISBN9781311209603
    Comments on the SEC's Proposed Rules for Regulation Crowdfunding
    Author

    Private Placement Handbook Series

    After getting a JD from Stanford Law School, a MA from the University of Chicago, a diploma from the University College London, and working as a reporter for The Wall Street Journal, Doug was a member of the California bar for 40 years, during which time he founded a series of law reporting services now owned by Thomson-Reuters. Doug specializes in debt and equity crowdfunding. He helps small business identify and solicit sources of private equity. Doug monitors a LinkedIn discussion group, State Securities Regulation, with 1500 members. Connect with Douglas Slain: LinkedIn: http://linkedin.com/in/douglasslain Facebook: http://facebook.com/douglas.slain Twitter: https://twitter.com/exemptofferings Blog: http://www.privateplacementadvisors.com/apps/blog Web site: http://privateplacementadvisors.com

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      Book preview

      Comments on the SEC's Proposed Rules for Regulation Crowdfunding - Private Placement Handbook Series

      Introduction and background

      Title III of the JOBS Act added Section 4(6) to the Securities Act to provide an exemption from the registration provisions of the Securities Act for crowdfunding transactions involving the offering of securities, and added Section 4A to the Securities Act to set forth the requirements for issuers and intermediaries, liability provisions, and certain other matters relating to crowdfunding. In addition, Title III amended various provisions of the Exchange Act in connection with the crowdfunding provisions.

      The JOBS Act requires the Commission to adopt a number of rules implementing crowdfunding, including the following:

      1. Rules to carry out Section 4(6) and Section 4A of the Securities Act, pursuant to Section 302(c) of the JOBS Act;

      2. Rules to provide for disqualifications of issuers, brokers or funding portals pursuant to Section 302(d) of the JOBS Act;

      3. Rules to exempt, conditionally or unconditionally, the requirement for a registered funding portal to register as a broker or dealer under Section 15(a)(1) of the Exchange Act, pursuant to Section 304(a) of the JOBS Act; andU.S. Securities and Exchange Commission;

      4. Rules to exempt, conditionally or unconditionally, securities acquired in crowdfunding transactions from the scope of Section 12(g) of the Exchange Act, pursuant to Section 303 (b) of the JOBS Act.

      In addition, Title III authorizes the Commission to adopt such additional rules as may be appropriate to implement the crowdfunding provisions under Title III.

      This handbook attempts to summarize public comments on the SEC’s proposed rules on Regulation Crowdfunding with the greatest reliance on comments submitted by the .Federal Regulation of Securities Committee of the Business Law Section of the American Bar Association.

      Chapter One: Proposed Rules Governing Intermediaries

      Risk of Fraud

      Securities Act Section 4 A (a) (5) requires intermediaries to "take such measures to reduce the risk of fraud with respect to [transactions made in reliance on Section 4(a) (6) of the Securities Act], as established by the U. S. Securities and Exchange Commission (the Commission), by rule, including obtaining a background and enforcement regulatory history check on each officer, director, and person holding more than 20 percent of the outstanding equity of every issuer whose securities are offered by such

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