Morrison & Foerster LLP - JOBS Act

Foreign (non-U.S.) Issuers

The SEC recently provided some data on registered offerings by foreign issuers, noting that: - In 2013, there were approximately 50 new foreign registrants... …more

| Finance & Banking, International Law & Trade, Securities Law

ECCF

Recently, Craig Lewis, the Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis, commented on the economic impact of various JOBS Act reforms, or the effects on “efficiency, competition, and capital…more

| Commercial Law & Contracts, Finance & Banking, Securities Law

Under a Clear Blue Sky?

Commissioner Aguilar noted in his remarks that “Regulation A-plus remains a work in progress, and no one can say what the ultimate outcome will be.” The Commissioner went on to note that a workable exemption would “attract…more

| Finance & Banking, Securities Law

SEC Issues New and Revised Guidance on Intrastate Crowdfunding

On April 10, 2014, the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) issued one revised and two new compliance and disclosure interpretations (“C&DIs”) regarding crowdfunding and Rule 147…more

| Communications & Media Law, Finance & Banking, Securities Law

JOBS Act 2.0?

Having just marked the second anniversary of the JOBS Act, it seems that more regulatory change may be under consideration. We previously reported on various bills that were introduced in the House of Representatives to address…more

| Finance & Banking, Securities Law

Fed Governor Addresses Crowdfunding

Governor Jeremy C. Stein spoke at the Crowdfunding for Community Development Finance Conference today. Fed Governor Stein’s remarks emphasized that perhaps all too often crowdfunding is associated only or primarily with tech…more

| Communications & Media Law, Finance & Banking, Securities Law

JOBS Act: From A+ to D

Today is the end of the comment period on the SEC’s proposing release concerning Regulation A+. Additional comment letters are likely to be received in the next few days. The letters overwhelmingly support the SEC’s approach…more

| Finance & Banking, Securities Law

JOBS Act Related Bills Move Forward

At the end of last week, the House Financial Services Committee approved two bills, H.R. 3623 and H.R. 4164. H.R. 3623, titled the Improving Access to Capital for Emerging Growth Companies Act, was introduced by Stephen…more

| Finance & Banking, Securities Law

Testing the Waters

An issuer that is considering or that has commenced an initial public offering (“IPO”) should take special care to familiarize itself with the communications rules applicable to offerings…more

| Business Organizations, Securities Law

Limited Corporate Financing Brokers

FINRA published Regulatory Notice 14-09 to solicit comments regarding a series of new rules that would be applicable to firms that perform certain limited functions. FINRA is proposing to establish a new, reduced regulatory…more

| Finance & Banking, Securities Law

What’s Next for the Commission?

At a recent program, S.E.C. Speaks, Chair White noted that the Commission continues to move forward to complete rulemakings required under the JOBS Act related to exempt offerings. She noted that while the Act makes it easier…more

| Finance & Banking, Securities Law

NASAA Comments on SEC’s Regulation A+ Proposal

Not unexpectedly, on February 19, 2014, the North American Securities Administrators Association sent a letter to the SEC objecting to the preemption of state authority over small corporate offerings by the SEC in its Regulation…more

| Conflict of Laws, Finance & Banking, Securities Law

Tick Size

The Small Cap Liquidity Reform Act (H.R. 3448) is scheduled for a vote on February 11th. The bill (which was approved by the House Financial Services Committee in 2013) would implement a pilot program during which EGCs would be…more

| Finance & Banking, Securities Law

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