News & Analysis as of September 22, 2024

Crowdfunding › The Jump-Start Our Business Start-Ups Act › Regulation A

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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,... more +

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 -

Exempt Offering Amendments Deeper Dive, Part One: Higher Offering Caps

Farrell Fritz, P.C. on 12/14/2020

Last month, The Securities and Exchange Commission passed sweeping reforms of the rules governing exempt offerings (the “2020 Reforms”) to make it easier for issuers to move from one exemption to another, to bring clarity and...more

Issues Regarding SEC Proposal to Expand Private Offering Exemptions

Sheppard Mullin Richter & Hampton LLP on 3/29/2020

The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), was promoted as a new piece of legislation creating groundbreaking additional pathways to funding for companies, which was especially highlighted by the 2008...more

On track with the SEC - staff proposes rules on streamlining private exemptions

Eversheds Sutherland (US) LLP on 3/24/2020

On March 4, 2020, the Securities and Exchange Commission (the SEC) issued a proposed rule (the “Proposed Rule”) on ways to “simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital...more

In my Backyard: Real Estate Developers can Use Equity Crowdfunding both to Fund Projects and Convert Opposition

Farrell Fritz, P.C. on 1/28/2019

Real estate developers should seriously consider equity crowdfunding to fund development projects for two major reasons, one of which has little or nothing to do with money. ...more

California Lags Behind The SEC In Permitting Testing Of The Waters In Regulation A Offerings

Allen Matkins on 7/6/2017

In 2015, the Securities and Exchange Commission adopted amendments to Regulation A and other rules and forms to implement Section 401 of the Jumpstart Our Business Startups (JOBS) Act. One significant enhancement to...more

Initial Results Validate Crowdfunding Reforms

Ward and Smith, P.A. on 3/7/2017

Beginning in 2012 America started a bold experiment to prove that: Less is more; and, Addition by subtraction works. The experiment tested whether reducing government regulation would produce better...more

Updated Market Statistics

Morrison & Foerster LLP - JOBS Act on 2/8/2017

At the 35th Annual Federal Securities Institute, a representative of the Securities and Exchange Commission shared some market data....more

Court Rejects Regulation A+ Challenge

Stinson - Corporate & Securities Law Blog on 6/15/2016

The States of Montana and Massachusetts had previously challenged Regulation A+’s preemption of state securities registration and qualification requirements in Tier-2 offerings. The United States Court of Appeals for the...more

The CATO Institute Assesses the Effectiveness of the JOBS Act

Morrison & Foerster LLP - JOBS Act on 5/5/2016

On May 3, 2016, the CATO Institute published a policy paper titled, “A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis,” which assesses the JOBS Act and offers certain policy recommendations. ...more

The Equity Crowdfunding Rules: What You Need to Know

Foley & Lardner LLP on 5/5/2016

The SEC’s equity crowdfunding rules finally go into effect this month almost four years after Congress passed the JOBS Act, requiring the relaxing of certain rules on raising funds. So what does equity crowdfunding actually...more

2016 Venture Capital Report

WilmerHale on 3/28/2016

The 2016 Venture Capital Report provides an in-depth analysis of, and outlook for, the US and European venture capital markets. The report features industry and regional breakdowns, and a look at trends in venture capital...more

JOBS Act Quick Start – A Brief Overview of the JOBS Act, 2016 Update

Morrison & Foerster LLP - JOBS Act on 2/1/2016

Many market participants were taken by surprise by the enactment of the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act, HR 3606, was passed by the United States House of Representatives on March 8, 2012. On March...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

Crowdfunding 101: The Four Types You Need To Know

Foley & Lardner LLP on 9/4/2015

This post was originally written by Dylan Rochon, 2015 Foley & Lardner LLP Startup Connector. The term “crowdfunding” is closely associated with websites such as Kickstarter.com and GoFundMe.com. These sites provide a...more

Glossary of Important Securities Regulation Terms and Definitions

Adler Pollock & Sheehan P.C. on 8/20/2015

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

New Era of Capital Raising: Sorting Through the JOBS Act’s New Capital Raising Rules

Sands Anderson PC on 7/24/2015

Since the enactment of the Jumpstart Our Business Startups Act (the “JOBS Act”) in 2012, the Securities and Exchange Commission (“SEC“) has slowly been making its way through the titles to the JOBS Act to promulgate the final...more

It’s Not Crowdfunding!

Morrison & Foerster LLP - JOBS Act on 7/14/2015

Since the Regulation A+ effective date last month, a number of websites have emerged that promote “Regulation A+ crowdfunding” contributing even further to the confusion in the market regarding “crowdfunding.” ...more

SEC Radically Revamps Regulation A - Part 1

Foley Hoag LLP on 5/20/2015

Eligibility and Offering Size - For many years, SEC Regulation A languished as an exemption from registration that nobody really used. Although securities issued in a Regulation A offering are not “restricted securities”...more

Financial Services Law - April 2015

Manatt, Phelps & Phillips, LLP on 4/14/2015

This special edition of the Financial Services Law Newsletter includes a series of blog posts written by Peer-to-Peer Lending and Crowdfunding partner Brian S. Korn for the LendItUSA 2015 conference to be held April 13-15 in...more

SEC Creates New Financing Opportunity

Knobbe Martens on 4/7/2015

Chairwoman Mary Jo White recently presided over an open meeting of the U.S. Securities and Exchange Commission at which the Commission followed the recommendation of the Division of Corporation Finance to adopt final rules...more

SEC Adopts Amendments to Regulation A to Facilitate Small Issuer Access to Capital

Cozen O'Connor on 4/3/2015

On March 25, the SEC unanimously voted to adopt amendments to Regulation A under the Securities Act of 1933, as amended (the Securities Act), and the related forms and filing and delivery requirements, to implement Title IV...more

“A” is For Approved: SEC Finalizes Regulation A+, the Small Offering Exemption

Manatt, Phelps & Phillips, LLP on 4/1/2015

Securities lawyers had a “first time in forever” moment on March 25, when the U.S. Securities and Exchange Commission (SEC) voted to approve landmark reforms to its Regulation A, the so-called (and until now little-used)...more

SEC Adopts Final Rules Expanding Regulation A, Providing a New Option for Offerings Under $50 Million

Jackson Walker on 4/1/2015

On March 25, 2015, the SEC formally adopted its final rule amendments governing the expansion of registration exemptions for public offerings of $50 million or less in any 12-month period under Regulation A of the Securities...more

Practical Implications of the JOBS Act Changes to Private Placements: Rule 506(c), Crowdfunding, and Reg A+

Pillsbury Winthrop Shaw Pittman LLP on 10/7/2014

Two key features of the JOBS Act – general solicitation in Rule 506 offerings, and the increased thresholds at which an issuer will be required to register a class of securities under the Securities Exchange Act of 1934 (the...more

Post-JOBS Act IPO Trends

Morrison & Foerster LLP - JOBS Act on 7/28/2014

Earlier this month, we commented on some statistics regarding the number of IPOs and the IPO backlog (based on public filings). Here, we offer a few more insights into recent trends in the IPO market based on various...more

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