Posts from Andrew Kuettel

U.S. House of Representatives Acts to Create New Category of Exempt Transaction Under the Securities Act of 1933


On November 9, 2017, the U.S. House of Representatives passed the Micro Offering Safe Harbor Act.  The vote was largely along party lines, with Rep. Walter Jones from North Carolina’s third district casting the lone Republican dissenting vote.  The Act, as we previously reported here, resurrected a failed bill introduced... Read More

Topics: Broker-Dealer, Consumer Protection, Public Companies and Securities

SEC and North American Securities Administrators Association Sign Information-Sharing Agreement


On February 17, 2017, the Securities and Exchange Commission (SEC) and the North America Securities Administrators Association (NASAA) entered into an information-sharing agreement in connection with intrastate crowdfunding and regional offering rules. As these new rules begin to take effect, NASAA and the SEC plan to share information regarding their observations of... Read More

Topics: Consumer Protection, Crowdfunding

Minnesota’s First Crowdfunding Portal Approved, But The Question Remains: Will Anyone Actually Use It?


On November 9, 2016, the Minnesota Department of Commerce approved the first crowdfunding portal operator,, under the crowdfunding legislation known as MNvest. As soon as the portal is populated with offerings, the online platform will allow companies to sell equity securities or promissory notes to Minnesota investors.  While online... Read More

Topics: Crowdfunding

Bipartisan Members of Congress and NASAA Declare Support for SEC’s Proposed Modernization of Rules to Facilitate Intrastate Crowdfunding Offerings


On October 7, 2016, a bipartisan contingent of members of the U.S. House of Representatives and the president of the North American Securities Administrator Association (NASAA) coordinated a duel message to the SEC regarding its rule amendments to accommodate intrastate crowdfunding. The specific SEC rules at issue are Rules 147... Read More

Topics: Broker-Dealer, Crowdfunding

The SEC Amends Form 10-K


Earlier today, the SEC issued an interim final rule amending Form 10-K pursuant to section 72001 of the FAST Act.  That section required the SEC to allow issuers to include summary sections in their annual reports on Form 10-K as long as each summary item included a cross-reference (electronic or... Read More

Topics: Public Companies and Securities

NASAA Requests Comments on Proposed Policy Allowing Use of Electronic Offering Documents and Electronic Signatures


On May 2, 2016 the North American Securities Administrators Association (NASAA) issued a release requesting public comments on a proposed Statement of Policy (SOP) that would allow issuers and its selling agents to use electronic offering documents, (e.g., subscription agreements), when conducting securities offerings. Also, the proposed SOP would allow issuers to... Read More

Topics: Broker-Dealer, Public Companies and Securities