News & Analysis as of September 20, 2024

Broker-Dealer

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Crowdfunding is a method for raising capital whereby many individuals network and pool their funds, usually via the internet or social media. Crowdfunding methods are used in a variety of circumstances including, but not limited to, supporting charitable organizations, disaster relief, product development, artistic projects, and financing start-up companies. The passage of the JOBS Act of 2012 sought to broaden the use of crowdfunding in developing private capital for start-up companies by relaxing certain SEC investor registration requirements. less -

Finders and Unregistered Broker-Dealers

Venable LLP on 6/29/2023

The issue of when a person may be considered a “broker” or “dealer” and subject to registration as such under the federal securities laws, as distinguished from so-called finders (and therefore not subject to the panoply of...more

FINRA Facts and Trends: June 2022

Bracewell LLP on 6/16/2022

Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. FINRA’s...more

Four Lessons from Two FINRA Enforcement Actions against Crowdfunding Portals

Goodwin on 5/12/2022

On May 4, 2022, FINRA announced that it had fined two FINRA-registered funding portals a combined $1.75 million for failing to comply with securities laws and rules designed to protect crowdfunding investors. Funding portals...more

SEC Focused on Enforcement in the Crowdfunding Space

Troutman Pepper on 10/18/2021

Following last year’s drastic increase in the annual limits permitted for crowdfunding campaigns, the Securities and Exchange Commission (SEC) has increased its focus on the regulation of crowdfunding, particularly for...more

FAQ: What Businesses Need to Know About Investment Crowdfunding

Ward and Smith, P.A. on 11/9/2017

What is Crowdfunding? Crowdfunding is a marketing tool that businesses use to obtain capital from a large number of individuals, typically over the Internet....more

SEC Releases White Paper on Crowdfunding

Morrison & Foerster LLP - JOBS Act on 3/14/2017

On February 28, 2017, the SEC released a white paper analyzing crowdfunded offerings during the first six months following the effective date of Regulation Crowdfunding (May 16, 2016). The white paper noted that crowdfunding...more

Crowdfunding Begins on May 16, 2016

Morgan Lewis on 5/11/2016

Funding portal registration is now available through FINRA. This LawFlash discusses funding portals, which are the intermediaries through which crowdfunding will occur, specifically regarding the registration process...more

Investment Management Legal + Regulatory Update - April 2016

Morrison & Foerster LLP on 4/21/2016

Regulation - Department of Labor Issues Fiduciary Regulations Under ERISA - The Department of Labor (DOL) issued its long-anticipated final regulation (the “Regulation”) defining who is a fiduciary as a result of...more

Shopping for Startups – SEC Offers Additional Guidance for Intermediary Crowdfunding Portals

BCLP on 4/15/2016

I previously wrote about the new rules of the Securities and Exchange Commission (“SEC”) allowing startups to utilize crowdfunding platforms to sell an equity stake in their business to investors in exchange for working...more

FINRA and OCIE: Examining Private Placements

Morrison & Foerster LLP - JOBS Act on 1/14/2016

Readers of this blog are familiar with the recent regulatory changes that have created new possibilities for non-registered capital raises in the U.S.: general solicitations in Regulation D offerings, Regulation A+,...more

Crowdfunding Regulations

Troutman Pepper on 11/4/2015

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

Bridging the Week - November 2015

Katten Muchin Rosenman LLP on 11/3/2015

SEC to Permit Capital Raising Through Crowdfunding: The Securities and Exchange Commission finalized rules that will permit eligible companies to raise money through Internet offerings of their securities—a practice known as...more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

Morrison & Foerster LLP on 11/2/2015

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

Regulation Crowdfunding

Morrison & Foerster LLP - JOBS Act on 10/30/2015

On October 30, 2015, the SEC voted to adopt final rules permitting crowdfunding. Regulation Crowdfunding allows issuers to engage in securities-based crowdfunding through the internet pursuant to Section 4(a)(6) of the...more

Sign of Things to Come?

Broker-Dealer Compliance + Regulation on 10/27/2015

FINRA recently filed a proposed rule change with the Securities and Exchange Commission in order to adopt the final rules relating to Title III crowdfunding “funding portals.” This may signal that indeed the final...more

Advisory Committee on Small and Emerging Companies Makes Three Written Recommendations to SEC

Morrison & Foerster LLP - JOBS Act on 9/24/2015

It was a productive morning at the last meeting of its current term for the SEC Advisory Committee on Small and Emerging Companies. The Committee, which has been renewed for two more years, approved three recommendations to...more

No Portal Necessary

Morrison & Foerster LLP - JOBS Act on 9/23/2015

With increasing frequency, we are asked whether an issuer that is considering a Regulation A offering is required to engage or use the services of a funding portal. In short, NO. A funding portal is a new type of financial...more

The Guide to Social Media and the Securities Laws

Morrison & Foerster LLP - JOBS Act on 6/17/2015

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

ACE Portal, in association with NYSE, Brings Technology to Private Equity Fundraising – An Interview with the General Counsel

Dechert LLP on 5/29/2015

In the Summer 2014 issue of the PE Newsletter we reviewed a private placement platform set up by ACE Portal, in partnership with the New York Stock Exchange, to facilitate the private placement of securities by issuers. The...more

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Crowdfunding › Financial Industry Regulatory Authority (FINRA) › Broker-Dealer

Finders and Unregistered Broker-Dealers

FINRA Facts and Trends: June 2022

Four Lessons from Two FINRA Enforcement Actions against Crowdfunding Portals

SEC Focused on Enforcement in the Crowdfunding Space

FAQ: What Businesses Need to Know About Investment Crowdfunding

SEC Releases White Paper on Crowdfunding

Crowdfunding Begins on May 16, 2016

Investment Management Legal + Regulatory Update - April 2016

Shopping for Startups – SEC Offers Additional Guidance for Intermediary Crowdfunding Portals

FINRA and OCIE: Examining Private Placements

Crowdfunding Regulations

Bridging the Week - November 2015

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

Regulation Crowdfunding

Sign of Things to Come?

Advisory Committee on Small and Emerging Companies Makes Three Written Recommendations to SEC

No Portal Necessary

The Guide to Social Media and the Securities Laws

ACE Portal, in association with NYSE, Brings Technology to Private Equity Fundraising – An Interview with the General Counsel

Top 5 Things You Should Know About Online Direct (P2P) Lending Law And Regulations — Before You Do Anything Else!

A Must Read: FINRA’s 2014 Exam Priorities

Standing out from the Crowd: A Closer Look at the SEC’s and FINRA’s Proposed Crowdfunding Rules

The Guide to Social Media and the Securities Laws

SEC Exempts Another Crowd Funding Site From Broker-Dealer Rules

JOBS Act Update

Crowdfunding › Financial Industry Regulatory Authority (FINRA) › Broker-Dealer

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