Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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SEC Qualifies Largest Crowdfunding Offering Ever; Offered On StartEngine

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...more

11/23/2015 - Automotive Industry Crowdfunding Offerings Popular Regulation A SEC

SEC Updates EDGAR to Accommodate Regulation Crowdfunding

The SEC has released an updated draft EDGAR filer manual. According to the draft manual, EDGAR will be updated to include the following new submission form types required by Regulation Crowdfunding...more

11/16/2015 - Crowdfunding EDGAR Offering Statements Offerings SEC

SEC Finalizes Regulation Crowdfunding – Additional Funding Portal Requirements

The United States Securities and Exchange Commission has issued final rules on Regulation Crowdfunding. This post analyzes the “Additional Funding Portal Requirements” and “Miscellaneous” sections of the SEC’s adopting...more

11/12/2015 - Crowdfunding Funding Portal JOBS Act Offerings SEC

SEC Finalizes Regulation Crowdfunding

The United States Securities and Exchange Commission has issued final rules on Regulation Crowdfunding. Our summary is set forth below. The final rules and forms are effective 180 days after publication in the Federal...more

11/10/2015 - Capital Raising Crowdfunding Investment Investment Company Act of 1940 Issuer Exemption

SEC Proposes to Increase Rule 504 Offering Limits to Create Another Crowdfunding Exemption

The SEC has issued a rule proposal that would increase the aggregate amount of securities that may be offered and sold in any twelve-month period pursuant to Rule 504 from $1 million to $5 million and to disqualify certain...more

11/2/2015 - Capital Raising Crowdfunding Financial Institutions Financial Markets Investment Investors Offerings Regulation D Rule 506 Offerings SEC

Crowdfunding: FINRA Proposes JOBS Act Portal Rules

Title III of the Jumpstart Our Business Startups Act, or JOBS Act, enacted in 2012 with the goal of increasing American job creation and economic growth, contains key provisions relating to securities offered or sold through...more

10/26/2015 - Brokers Crowdfunding Economic Development Financial Institutions Financial Markets FINRA Job Creation JOBS Act SEC Securities Regulation Title III

Minnesota Adopts Crowdfunding Law

Minnesota has adopted an intrastate crowdfunding exemption referred to as “MNvest.” The legislation is meant to work in tandem with the federal exemption for intrastate offerings under Section 3(a)(11) of the Securities Act...more

6/16/2015 - Business Assets Business Development Crowdfunding Investors New Legislation Offerings Rule 147 Securities Securities Exchange Act U.S. Commerce Department

SEC Denies No-Action Request for “Publisher Exclusion” for Recommendations of Crowdfunded Investments

The SEC denied a no-action request that was submitted by Jonathon Hendricks. The no-action request inquired about a Wyoming based business that would make available a list of securities from a loan crowdfunding site that...more

2/5/2015 - Crowdfunding Investment Advisers Act of 1940 Publishers SEC Securities

Crowdfunding Coming to Minnesota

A group has announced plans to introduce a bill that would permit the use of advertising and general solicitation in securities offerings to Minnesota residents. The bill refers to such offerings as “MNvest Offerings”...more

1/5/2015 - Crowdfunding Entrepreneurs Funding Popular Securities Startups

SEC Finds Crowdfunding Website a General Solicitation and Violated Broker-Dealer Rules

In a settled enforcement action, the SEC alleged the defendant failed to implement procedures reasonably designed to prevent U.S. persons from accessing and investing in securities through its crowdfunding website. The...more

11/11/2014 - Broker-Dealer Compliance Crowdfunding Dodd-Frank General Solicitation Popular SEC

SEC Unveils Proposed Regulation Crowdfunding

The SEC has proposed new Regulation Crowdfunding to implement the requirements of Title III of the JOBS Act. Regulation Crowdfunding would prescribe rules governing the offer and sale of securities under new Section 4(a)(6)...more

10/28/2013 - Crowdfunding JOBS Act Proposed Regulation SEC Securities Act of 1933 Title III

FINRA Proposes Rules For Crowdfunding Portals

FINRA has proposed rules and related forms for crowdfunding portals. The proposal, which reflects the rules recently proposed by the SEC, would implement in FINRA’s rules the provisions of the JOBS Act. ...more

10/28/2013 - Crowdfunding FINRA JOBS Act SEC

Crowdfunding And JOBS Act News Roundup – October 1, 2013

This article talks about how someone “raised $250K in 53 minutes . . . But the server for my site crashed and was exceptionally slow for about 20 minutes … I have no doubt that, for a growth round … I could raise a couple...more

10/2/2013 - AngelList Crowdfunding Form D Filing General Solicitation JOBS Act SEC Startups Venture Capital

General Solicitation – Week One – Flying Cars And More

It began with announcements like this from AngelList. For just $99 plus $25 per investment, wefunder will let you create a create a “beautiful profile” and send updates to followers, and provide free investment contracts,...more

9/26/2013 - Advertising Bad Actors Crowdfunding Dodd-Frank General Solicitation JOBS Act Regulation D SEC

Crowdfunding And JOBS Act News Roundup – May 31, 2013

President Obama has nominated a pair of Senate aids to be SEC Commissioners. Dr. Michael Piwowar is the Chief Economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, a position he has held since 2009. ...more

6/3/2013 - Barack Obama Crowdfunding FINRA Fraud FSOC JOBS Act Nominations SEC

Crowdfunding And JOBS Act News Roundup – May 17, 2013

This week the SEC appointed Keith F. Higgins as Director of the Division of Corporation Finance. We don’t know him personally but have seen him speak at conferences and observed his leadership of the ABA’s Federal Regulation...more

5/20/2013 - Crowdfunding JOBS Act SEC

Crowdfunding And JOBS Act News Roundup – May 10, 2013

It was another week of speculation as to when the SEC might finalize or propose any JOBS Act rule. Broc Romanek of the pointed to one article which said the current JOBS Act proposal on eliminating...more

5/13/2013 - Crowdfunding Investors JOBS Act SEC Venture Capital

Crowdfunding And JOBS Act News Roundup – May 3, 2013

Mary Jo White, now chair of the SEC, submitted a written statement in her confirmation hearing that said “First, I would work with the staff and my fellow Commissioners to finish, in as timely and smart a way as possible, the...more

5/6/2013 - Crowdfunding JOBS Act SEC

Crowdfunding And JOBS Act News Roundup – April 26, 2013

On Thursday the SEC sent out a press release captioned “SEC Seeks to Halt Scheme Raising Investor Funds Under Guise of JOBS Act.” The action doesn’t really have anything to do with the JOBS Act, as in the sense that it seeks...more

4/29/2013 - Crowdfunding Fraud JOBS Act SEC

Crowdfunding And JOBS Act News Roundup - April 22, 2013

Reuters reports that Representative Patrick McHenry, of North Carolina, who chairs the House Financial Services oversight panel, said he believes the Securities and Exchange Commission lost its ability to enforce the ban on...more

4/22/2013 - Crowdfunding General Solicitation JOBS Act SEC

SEC Exempts Another Crowd Funding Site From Broker-Dealer Rules

The SEC has granted AngelList relief on accepting transaction based compensation for crowd funding, exempting it from the broker-dealer rules. A couple days ago, the SEC granted relief to Makes you kind...more

4/1/2013 - Broker-Dealer Crowdfunding Dodd-Frank FINRA General Solicitation Investment Adviser SEC

SEC Says Crowdfunding VC Site Not A Broker-Dealer operates a really cool website. The publicly available page advertises “The best way to invest in startups. Insider access to pre-vetted startups. Low minimum investment sizes. Free membership. Join...more

3/28/2013 - Accredited Investors Broker-Dealer Crowdfunding General Solicitation SEC Startups

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