Securities & Exchange Commission › Crowdfunding

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.

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News & Analysis as of May 22, 2013

Crowdfunding Renewable Energy Projects in Early Stages and Growing in the U.S.

by Laura Neumeister | Foley & Lardner LLP on 5/21/2013

Direct investment in renewable energy projects has been an anticipated financing option among editorialists and bloggers the past year, and seems to finally be gaining traction in the United States....more

Crowdfunding And JOBS Act News Roundup – May 17, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/20/2013

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

Is Crowdfunding Dead On Arrival? A Legal Perspective...

by Benjamin Hron, Brian Korn, Christian A. Salaman | JD Supra Law News on 5/15/2013

"[Crowdfunding] lays the riskiest investments at the doorstep of those investors that can least afford the risk. And it won’t create jobs except for plaintiff’s lawyers…”...more

Crowdfunding And JOBS Act News Roundup – May 10, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/13/2013

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

Crowdfunding And JOBS Act News Roundup – May 3, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/6/2013

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

Crowdfunding And JOBS Act News Roundup – April 26, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/29/2013

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

Crowdfunding And JOBS Act News Roundup - April 22, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/22/2013

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

The Trouble With Crowdfunding

by Brian Korn | Pepper Hamilton LLP on 4/18/2013

It’s about one year since President Obama signed the Jumpstart Our Business Startups Act (the JOBS Act), designed to help new companies raise capital and go public. For individual investors the most troublesome provisions of...more

SEC's Division of Trading and Markets Grants Relief from Broker-Dealer Registration for Online Platform that Permits Investment in...

by Delcy Sweet | Holland & Knight LLP on 4/17/2013

On March 26, 2013, the SEC's Division of Trading and Markets issued a no-action letter indicating that it would not recommend enforcement action under Section 15(a)(1) of the Exchange Act if a venture capital fund adviser and...more

Accredited Crowdfunding, Internet Advertising And General Solicitation

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 4/5/2013

The SEC recently granted two accredited crowdfunding sites exemptions from the broker-dealer rules because the type of carried interest (or close equivalent) used to compensate the site is not transaction based compensation. ...more

Crowdfunding Not Quite As Open As Recent Reports May Suggest

by Travis Crabtree | Looper Reed & McGraw, P.C. on 4/3/2013

My friends in the start-up community are excited about recent headlines suggesting the SEC has greenlighted crowdfunding. Leave it to the lawyer in the crowd to suggest they temper their excitement. As lawyers, we are used...more

The differences in unregistered securities offerings under Rule 506 and Crowdfunding

by The R. Bernard Law Group on 4/3/2013

When President Obama signed the JOBS Act almost a year ago it introduced a new era of startup financing. But until the SEC makes the required rules, the fundraising bonanza known as crowdfunding that will allow companies to...more

SEC Exempts Another Crowd Funding Site From Broker-Dealer Rules

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/1/2013

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 thefundersclub.com. Makes you kind...more

SEC Says Crowdfunding VC Site Not A Broker-Dealer

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/28/2013

Thefundersclub.com 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

Department Of Corporations Issues Crowd Funding Bulletin

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 3/18/2013

Last week, the Department of Corporations issued this bulletin which it styled as a “Crowdfunding Update”. The Bulletin makes several important points....more

JOBS Act Update

by Richard Levin, Stephanie Wong | BakerHostetler on 3/11/2013

The Securities and Exchange Commission’s (SEC) Division of Trading and Markets and the Financial Industry Regulatory Authority (FINRA) recently published items of particular interest to firms following the progress of the...more

Crowdfunding Now And What Was Supposed To Be

by Travis Crabtree | Looper Reed & McGraw, P.C. on 2/26/2013

Crowdfunding is legal. Sort of. Before you start soliciting for investors on Facebook, you need to know that general solicitations to sell equity to your company not listed on the stock exchange or otherwise registered is...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

by Regina LaMonica, Jose Lopez, Keith Miller, Charles Mulaney, Pravin Rao | Perkins Coie on 2/25/2013

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

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