Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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Crowdfunding Begins With 17 Issuers

Monday May 16, 2016 was the first day JOBS Act Title III crowdfunding could be used. Below are links to some portals and other information....more

5/17/2016 - Capital Raising Crowdfunding FINRA Funding Portal JOBS Act Offerings SEC Title III

First Crowdfunding Portal Application Appears on EDGAR

CFS, LLC became the first crowdfunding portal application available on EDGAR. Actually, the initial application and two amendments are available. The company will conduct business under the name uFundingPortal and its website...more

5/2/2016 - Capital Raising Crowdfunding EDGAR Funding Portal SEC

FinCEN Proposes Amendments to Bank Secrecy Act to Cover Crowdfunding Portals

FinCEN, a bureau of the Department of the Treasury, has proposed amendments to the definitions of “broker or dealer in securities” and “broker-dealer” under the regulations implementing the Bank Secrecy Act. This rulemaking...more

4/4/2016 - Bank Secrecy Act Broker-Dealer Crowdfunding Financial Crimes FinCEN Funding Portal JOBS Act SEC

Fix Crowdfunding Act Improves JOBS Act

The Fix Crowdfunding Act has been introduced by Representative Patrick McHenry, who was one of the architects of the FAST Act provisions simplifying securities laws. The Fix Crowdfunding Act increases the $1,000,000...more

3/28/2016 - Capital Raising Crowdfunding Funding Portal JOBS Act Proposed Legislation Small Business Startups

Crowdfunding Portals Begin to Register With the SEC

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. ...more

2/1/2016 - Crowdfunding Funding Portal Investors JOBS Act Offerings Popular SEC

SEC Release on Transfer Agents Addresses Restricted Securities and Crowdfunding

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...more

12/23/2015 - Advanced Notice of Proposed Rulemaking (ANPRM) Crowdfunding Public Comment SEC Transfer Agents

SEC Permits EDGAR Test Filings of Crowdfunding Offerings

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....more

12/18/2015 - Crowdfunding Disclosure Requirements EDGAR Offerings Popular SEC

Crowdfunders and Crowdfunding Service Providers Beware

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...more

11/30/2015 - Broker-Dealer Crowdfunding Enforcement Actions Registration Requirement SEC

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 Fundersclub.com 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

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