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Small Business Securities Bulletin: SEC Adopts Long-Awaited Crowdfunding Rules

A periodic bulletin keeping small businesses informed about current developments in securities law and related matters. By way of background, pursuant to Section 5 of the Securities Act of 1933 (Securities Act) and state...more

Alberta Securities Commission and Nunavut Securities Office Publish Proposed Start-up Business Exemption

The Alberta Securities Commission (ASC) and Nunavut Securities Office recently published for comment proposed Multilateral Instrument 45-109 Prospectus Exemption for Start-Up Businesses (the Proposed Exemption). The Proposed...more

New crowdfunding regime adopted by five provinces

On November 5, 2015, securities regulators in five provinces published in final form Multilateral Instrument 45-108 Crowdfunding (MI 45-108) setting out rules that will provide a new way for businesses to raise capital over...more

Eleventh Circuit Strikes Down Florida’s No-Surcharge Law

On November 4, 2015, the Eleventh Circuit struck down Florida’s no credit-card surcharge statute as unconstitutional under the First Amendment. See Dana’s Railroad Supply v. Attorney General, Florida, No. 14-14426, 2015 WL...more

Your daily dose of financial news The Brief – 11.24.15

The Pfizer/Allergan deal continues to dominate the financial world, with Pfizer’s CEO defending the merger and Washington searching for ways to reform the corporate tax code and prevent future tax-motivated corporate...more

Advertising Law - November 2015 #3

FTC Flushes Claims for "Flushable" Wipes - Reminding advertisers about the importance of environmental marketing claims, the Federal Trade Commission approved a final consent order in an enforcement action against...more

Treasury Discusses Online Marketplace Lending

Why it matters - Regulatory oversight of online marketplace lending is moving forward, with representatives from the Department of the Treasury sharing six "central themes" drawn from comments on the agency's Request...more

FCA consults on IFISA changes

FCA has published a discussion paper on the updates it plans to make to its rules and guidance on disclosure and advice relating to loan-based crowdfunding investments (peer to peer (P2P) agreements) in response to the...more

Disclosure Confusion in the Online Lead Generation Industry

This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two...more

FCA consults on cloud outsourcing guidance

FCA has published a guidance consultation on its requirements on firms who outsource to the cloud and other third party IT services. The guidance includes...more

PRA reminds firms of outsourcing notification expectations

PRA has noted FCA’s consultation on outsourcing guidance and reminded dual-regulated firms it would expect notification from them if they are considering outsourcing critical or important functions to a third party IT...more

CFPB Takes Action Against Online Lender Integrity Advance, LLC

On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers...more

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

FTC Finalizes Rule Banning Telemarketer Use of Remotely Created Payments

The Federal Trade Commission (FTC) has finalized changes to its telemarketing sales rule (TSR) that will prohibit sellers and telemarketers from creating or accepting remotely created payment orders or checks, cash-to-cash...more

Your daily dose of financial news The Brief – 11.20.15

The US Treasury Department and IRS are joining forces to address corporate tax inversions with the introduction of new measures aimed at “curtailing companies’ ability to avoid United States tax rates if they move to...more

Title III of JOBS Act Brings Non-Accredited Investors to Crowdfunding Table

The U.S. Securities and Exchange Commission (SEC) recently approved Title III of the JOBS Act, a significant development because the new regulations allow non-accredited investors – those making less than $200,000 a year in...more

CFPB brings administrative action against online lender

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA),...more

SEC Adopts Regulation Crowdfunding

The Securities and Exchange Commission (SEC) has adopted Regulation Crowdfunding to implement the crowdfunding exemption from registration authorized by the Jumpstart Our Business Startups (JOBS) Act. The new rules will...more

Financial Services Weekly News - November 2015 #3

Regulatory Developments - MSRB Publishes Compliance Advisory for Municipal Advisors: On Nov. 12 the Municipal Securities Rulemaking Board (MSRB) published its first municipal advisor compliance advisory, developed...more

SEC Sanctions Adviser for Misstatements in Advertisements, Client Presentations and Regulatory Filings

The SEC found that a registered investment adviser that operates as a “manager of managers” misstated a sub-adviser’s investment performance in communications with its clients, potential clients and the SEC. According to the...more

Equity Crowdfunding Has Finally Arrived – SEC Adopts Final Rules On Crowdfunding

On October 30, 2015, the Securities and Exchange Commission (“SEC”), in a 3-1 vote of the SEC Commissioners, approved final rules to adopt Regulation Crowdfunding, which sets forth the framework by which companies can “equity...more

Budget Deal Allows Autodialers and Robocalls in Federal Debt Collection

President Barak Obama recently signed into law the Bipartisan Budget Act of 2015 (H.R. 1314), which resolved major differences between the White House and Congress, thereby funding the federal government for the next two...more

Two Years and Essentially As Proposed: SEC Adopts Final Crowdfunding Rules

What is “Crowdfunding”? - Crowdfunding is a term often used to describe an evolving method of raising money from individuals through the Internet. The term is often applied to any number of different activities that are...more

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

It’s Official: SEC Publishes Final Rules for Investment Crowdfunding

Crowdfunding started as a way for music fans to get together and fund a tour for their favorite band, and quickly spread as a way to support an innovative business, develop an interesting project, or support a particularly...more

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