News & Analysis as of

Crowdfunding: What is it and Where is it Going?

On May 7, 2014, a group of four experts (Frank Williams, Four Bridges Capital; Gene Wright, Georgia Crowdfunding Association; Phil Shmerling, InCrowd Capital; and Zan Nicolli, Dickinson Wright) gathered via conference call...more

No Billboards, Please

Companies intending to seek funding under the JOBS Act’s crowdfunding provision gained a seeming advantage in September when the SEC removed its ban on the general solicitation or advertising of certain types of private...more

Recent Developments for Intrastate Crowdfunding and Social Media Use

In June 2013, the N.C. House of Representatives approved HB 680, the Jumpstart Our Business Startups Act (NC JOBS Act) by an overwhelming bipartisan vote of 103-1. Designed to utilize the “intrastate offering” exemption found...more

Committee Passes JOBS Act Related Bills

The House Financial Services Committee passed several bills designed to promote capital formation, including: HR 4200, the Small Business Investment Companies (SBICs) Advisers Relief Act, introduced by Rep. Blaine...more

What’s Driving the Strong U.S. IPO Market? A Look at the JOBS Act at Its Second Anniversary In Light of the Increased IPO Volume

The Jumpstart Our Business Startups Act (the “JOBS Act”), designed to stimulate IPO activity in the U.S. is celebrating its second anniversary this month at a time when U.S. IPO activity is at a high since 2000. While...more

A tipping point in US capital markets: the impact of the JOBS Act on foreign issuers

For most of the 20th century and into the 21st century, the US equities market has been the deepest, broadest and largest equities market in the world. Historically, growing companies, whether domestic or foreign, have south...more

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

SEC Releases Proposed Rule Amendments to Regulation A

On December 18, 2013, the Securities and Exchange Commission released its proposed rule amendments to Regulation A, which were required by Section 401 of the JOBS Act. Among the changes, the proposed rules create two tiers of...more

SEC Proposes Rules To Amend Regulation A

On December 18, 2013, the Securities and Exchange Commission (the “SEC”) released proposed rules to amend Regulation A to provide for the offering of up to $50 million in securities. Regulation A is a quasi-public offering...more

The plus side of Reg A

To date, the Jumpstart Our Business Startups Act (the JOBS Act) is best known for legalizing securities crowdfunding (better called ‘crowd investing’), lifting the ban on the mass marketing of private offerings, and fostering...more

"The JOBS Act: The Resurgent IPO Market and What We Learned in Year Two"

Almost two years have passed since the Jumpstart Our Business Startups Act (the JOBS Act) was signed into law to ease regulatory burdens on smaller companies and facilitate public and private capital formation. The provisions...more

SEC Issues Rule Proposals to Amend Regulation A

On December 18, 2013, the U.S. Securities and Exchange Commission (“SEC”) issued rule proposals to amend Regulation A, implementing an important part of Title IV of the Jumpstart Our Business Startups Act of 2012 (the “JOBS...more

Legislation Allows Michigan Companies To Raise Capital, Avoid Federal Crowdfunding Rules

Effective December 30, 2013, Michigan Gov. Rick Snyder enacted into law Public Act 264 of 2013 (the "Act"). Among other things, the Act establishes a crowdfunding method of raising capital in Michigan. "Crowdfunding" refers...more

SEC Releases Proposed Rules for Regulation A+ under the JOBS Act: A Promising and Innovative Route to Capital Formation for Young...

The SEC has released long-awaited proposed rules to implement Title IV of the JOBS Act, now known as Regulation A+. This regulation could bridge a difficult gap for small companies looking to raise capital. If your company...more

SEC Proposes Rules to Facilitate Small Business Financing

Introduction - On December 18, 2013, the Securities and Exchange Commission (SEC) proposed rules to enhance access to capital by smaller companies pursuant to its rulemaking mandate under Title IV of the Jumpstart...more

SEC Proposes Regulation A+ For Small Businesses

With all eyes focused on the lifting on the ban on solicitation and the new proposed equity crowd funding rules, one major rulemaking proposal mandated under the JOBS Act did not get the attention it deserves: the new small...more

Joining the Crowd - Investing profitably in equity crowdfunding

Crowdfunding is a word you’ve heard a lot since the passage of the JOBS Act in 2012. But what is crowdfunding, and, more importantly, how you can use it to invest profitably? What Is Crowdfunding? - Crowdfunding...more

Securities and Exchange Commission Proposes Rules on Crowdfunding

Introduction - On October 23, 2013, the Securities and Exchange Commission (SEC) voted unanimously to propose rules to permit U.S. companies to offer and sell securities through crowdfunding in an effort to implement...more

Crowdfunding Gets an Equity Boost: BB&K's James Harper Examines What the Proposed Rules by The U.S. Securities and Exchange...

Crowdfunding, or crowd-sourced fundraising, allows small businesses and artists without access to traditional bank loans or wealthy private investors to raise money for projects through a large network of contributors who...more

Small Business Securities Bulletin: By Popular Demand - SEC Proposes Crowdfunding Rules

By way of background, pursuant to Section 5 of the Securities Act of 1933 (Securities Act) and state securities laws, any offer and sale of a security must be registered with the Securities and Exchange Commission (SEC) and...more

SEC Issues Proposal on Crowdfunding

On October 23, The Securities and Exchange Commission voted to propose rules under the JOBS Act to permit companies to offer and sell securities through crowdfunding. Crowdfunding describes an evolving method of raising...more

The Short Field Guide To IPOs

The emerging growth Company - The JOBS Act created a new class of issuer: the emerging growth company (EGC). An EGC is defined as an issuer with total annual gross revenue of less than $1 billion during the most recent...more

SEC Issues Proposed Crowdfunding Rules

On October 23, 2013, the SEC issued a unanimous rule proposal authorized under Title III of the Jumpstart Our Business Startups Act (the JOBS Act) permitting securities-based crowdfunding. The proposed rules provide a...more

SEC Issues Proposed Rules on Crowdfunding Capital Markets

Yesterday, the SEC proposed rules to permit companies to offer and sell securities through crowdfunding, as required by the Jumpstart Our Business Startups Act of 2012. Crowdfunding, which has become popular in recent years...more

Crowdfunding, the SEC and The New Rules—What Finally Came Down Today

The wait and speculation is over for now. Today the SEC proposed rules under Title III of the JOBS Act that allow start-ups and small businesses to raise capital by offering and selling securities over the Internet. Title...more

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