News & Analysis as of

Startups Securities and Exchange Commission (SEC) General Solicitation

Sullivan & Worcester

SEC Changes Rules to Improve Deal Flow for Private Companies and Investors

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In a 3-2 vote held in November 2020, the SEC approved new rules and amendments to existing rules that are intended to harmonize, simplify and improve the private placement regime that start-ups and other issuers, small and...more

Proskauer Rose LLP

SEC Amends Rules to Facilitate Capital Raising in Private Offerings

Proskauer Rose LLP on

On November 2, 2020, the Securities and Exchange Commission adopted amendments to facilitate the use of private, or “exempt,” offerings. The changes will impact offerings structured pursuant to Section 4(a)(2), Regulation D...more

Sullivan & Worcester

Demo Days May Soon Be In the Clear

Sullivan & Worcester on

The Current Problem with Demo Days - Under U.S. federal securities law, any offer and sale of securities must either be registered with the Securities and Exchange Commission (SEC) or be conducted in compliance with an...more

Morrison & Foerster LLP - JOBS Act

House of Representatives Passes the HALOS Act (Again), But Is It Really Necessary?

On January 10, 2017, the House of Representatives passed H.R. 79, the “Helping Angels Lead Our Startups Act” (the “HALOS Act”). The HALOS Act was originally passed by the House of Representatives as H.R. 4498 on April 27,...more

Morrison & Foerster LLP - JOBS Act

House of Representatives Passes the HALOS Act; Fair Access to Investment Research Act of 2016 is Introduced

On April 27, 2016, the House of Representatives passed the Helping Angels Lead Our Startups Act (H.R. 4498) (the “HALOS Act”), which was first introduced on April 16, 2015. The HALOS Act directs the SEC to amend Regulation D...more

Stinson - Corporate & Securities Law Blog

House Committee on Financial Services Reports Favorably on the HALOS Act

United States Representative Steve Chabot of Ohio first introduced the Helping Angels Lead Our Startups Act (the “HALOS Act”) on February 9, 2016. Less than a month later, on March 2, 2016 the House Committee on Financial...more

Morrison & Foerster LLP

SEC Proposes Rule Changes to Pave the Way for Intrastate and Regional Offerings

At the same time the Securities and Exchange Commission (the “SEC”) adopted rules implementing Regulation Crowdfunding pursuant to Title III of the Jumpstart Our Business Startups Act (the “JOBS Act”), the agency proposed...more

Mintz

Mintz TechConnect - October 2015

Mintz on

Letter from the Editors - We are thrilled to provide you with the first issue of Mintz Levin’s TechConnect, a bi-monthly newsletter on “all things technology” in the legal and business world, from our perspective, of...more

Mintz - Securities & Capital Markets...

Regulation A+ goes effective today

Despite the attempt by the State of Montana’s securities division to stay the rule, Regulation A+ is effective as of today, June 19, 2015. Regulation A+ allows companies organized in the U.S. and Canada to raise money...more

K&L Gates LLP

Angels in Limbo: Congress and SEC Consider Regulatory Changes with Potential for Profound Effects on Start-Up Investments

K&L Gates LLP on

Three events occurred during 2013 that have the potential to significantly affect angel investment around the country: (1) the Securities and Exchange Commission (“SEC”) lifted the prohibition on general solicitation for...more

K&L Gates LLP

HALOS in the Making: Helping Angels Lead our Startups Act

K&L Gates LLP on

On July 10, 2013, the Securities and Exchange Commission (“SEC”) adopted new rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings under Rule 506(c) of...more

Snell & Wilmer

Why Startups Are Stepping on the Brakes Despite SEC Giving Green Light to General Solicitation

Snell & Wilmer on

In September 2013, the SEC significantly relaxed restrictions that had been in place for over 80 years on companies’ ability to advertise for investors. The old rule, generally referred to as the “ban on general...more

Winstead PC

Crowdfunding in Texas – When?

Winstead PC on

The Texas intrastate crowdfunding rules were adopted in April and the Texas Securities Board will consider comments to the rules through the end of June (even though the official deadline for comments is June 8th). The...more

Baker Donelson

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

Baker Donelson on

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

Akin Gump Strauss Hauer & Feld LLP

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

Winstead PC

SEC to Vote on Crowdfunding Proposal to Ease Investor Verification Requirements

Winstead PC on

On October 23, 2013, the United States Securities and Exchange Commission (the “SEC”) is expected to vote on a SEC proposal that would ease investor verification requirements under the crowdfunding rule. The crowdfunding...more

Stinson - Corporate & Securities Law Blog

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

Stoel Rives LLP

In Case You Missed It - Interesting Items for Corporate Counsel (Cumulative)

Stoel Rives LLP on

As forecast, there is no shortage of law firm memos describing Regulation D changes, including the final rules eliminating the general solicitation ban (here) and prohibiting "bad actor" participation (here) and the proposed...more

Stinson - Corporate & Securities Law Blog

Lawmakers Claim SEC Proposals Are Contrary To JOBS Act

The SEC recently issued proposals related to Regulation D which, among other things, require a Form D to be filed fifteen days before a general solicitation under Rule 506(c) can commence....more

Foley & Lardner LLP

SEC Approves JOBS Act Requirement to Lift General Solicitation and Advertising Ban Under Rule 506

Foley & Lardner LLP on

On July 10, 2013, the SEC voted to lift the ban on general solicitation and advertising for offerings limited to accredited investors under Rule 506 and for offerings under Reg. 144A of the Securities Act of 1933....more

Gray Reed

Crowdfunding Not Quite As Open As Recent Reports May Suggest

Gray Reed on

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

Stinson - Corporate & Securities Law Blog

SEC Says Crowdfunding VC Site Not A Broker-Dealer

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

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