On February 16, 2016, the SEC posted an investor bulletin relating to equity crowdfunding intended to educate the public about the process for investing in equity crowdfunding and some of the risks involved. On May 16, 2016, Regulation Crowdfunding will become effective, allowing non-accredited investors to invest limited amounts in... Read More
The SEC registration process for Title III crowdfunding portals was recently commenced. So far we are aware of one Form Funding Portal that has been filed to begin the registration process. So that is good news. ABOUT STINSON LEONARD STREET Stinson Leonard Street LLP provides sophisticated transactional and litigation legal... Read More
We previously noted that the SEC had qualified Elio Motors Regulation A+ offering – the largest to date. Now, StartEngine, the platform on which the offering is being conducted, has announced that Elio Motors has raised nearly $16 million to date from this offering. The offering is expected to close... Read More
The SEC has issued a release soliciting comment on the regulation of transfer agents. After some initial background, it’s divided into two parts. The first is an advance notice of proposed rulemaking, seeking comment on specific regulations and potential changes. The second part is a concept release, soliciting comment on... Read More
The SEC issued a staff report on the accredited investor definition. The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the Commission to review the accredited investor definition as it relates to natural persons every four years to determine whether the definition should be modified or adjusted. Staff from... Read More
The SEC is permitting EDGAR test filings of Regulation Crowdfunding offerings. Under new SEC rules that take effect on May 16, 2016, companies will be permitted to offer and sell securities through crowdfunding. Companies seeking to conduct a crowdfunding offering using the new rules must file the required disclosures about... Read More
If you are planning to move into the crowdfunding consulting or platform area make sure you are familiar with the SEC broker-dealer rules, which require registration before performing broker-dealer services. If you plan on crowdfunding an equity offering, you want to make sure all of your service providers are properly... Read More
SEC Chair Mary Jo White gave testimony before the House of Representatives Committee on Financial Services. Ms. White stated the staff is “engaged in a comprehensive review of the “accredited investor” definition. That review and the feedback received through that process will inform the SEC’s consideration of whether to change the... Read More
The SEC has qualified the Regulation A+ offering of Elio Motors which plans to make small cars costing about $7,000. Elio plans a maximum offering size of $25 million. The offering is being made through the facilities of StartEngine, which appears to be a slick new Regulation A+ platform. The... Read More
Registered statements are “declared effective” by the SEC; Regulation A+ offering documents are “qualified” by the SEC, and when it happens an EDGAR document called “QUALIF” is generated. Per my review, the following Regulation A+ transactions that were filed after the effective date of the Regulation A+ rules have been... Read More