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
On July 14, 2021, the Small Business Administration (“SBA”) will officially close its Restaurant Revitalization Fund (“RRF”) portal. This move raises questions about whether the RRF funds will be replenished, despite pending...more
On April 27, 2021, the Small Business Administration ("SBA") announced that the much-anticipated Restaurant Revitalization Fund would be opening on May 3, 2021 at 9 am PST/12 pm EST. Restaurant operators may register through...more
On January 11, 2021, the Centers for Medicare & Medicaid Services (CMS) released a new web portal to more easily permit healthcare providers and other stakeholders to submit requests for specific waivers of certain healthcare...more
The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since...more
HHS reverses course and again permits healthcare providers to apply Provider Relief Fund payments against patient care lost “revenues” rather than limiting such application only to patient care lost “net operating income”. ...more
While debates in Congress continue regarding extending or providing additional COVID-19 relief legislation, the Small Business Administration (SBA), U.S. Department of the Treasury (Treasury), and lenders under the Paycheck...more
On May 1, 2020, the Department of Health and Human Services (HHS) announced additional payments under the COVID-19 Provider Relief Fund to reimburse providers for health care related expenses and revenue losses attributable...more
Following the announcement of additional allocations from the $100 billion Public Health and Social Services Emergency Fund (PHSSEF) under the CARES Act, on April 24, the U.S. Department of Health and Human Services (HHS)...more
April 27, 2020: The Department of Health and Human Services (HHS) has now made available a set of frequently asked questions (FAQs) regarding its General Distribution Portal. Providers are using this portal to verify certain...more
Medicare providers who have received payment from the Provider Relief Fund as of 5:00pm EST Friday, April 24, 2020 are eligible to apply for additional funds by submitting data about their annual revenues and estimated...more
The operator of a deceptive crowdfunding scheme who told consumers he was raising money to develop a high-tech backpack and other products and then failed to deliver any of the products—and used most of the funds for...more
Starting a new brewery takes money. Is crowdfunding the way to raise the funds you need? Crowdfunding allows a company to raise money online without registration under securities laws. There are other exemptions from...more
Recent Supreme Court Decisions Strengthen Drivers’ Privacy Rights - The Fourth Amendment protects individuals from warrantless searches and seizures in areas where they have a reasonable expectation of privacy. The United...more
The State Duma, the lower chamber of the Russian parliament, has recently approved in the “first reading” three draft laws that address the use of cryptocurrencies, mining, token offerings, and crowdfunding. Existing Russian...more
• Coinbase, one of the largest cryptocurrency exchanges, recently approached the U.S. Securities and Exchange Commission (SEC) about possible licensing as a broker-dealer. If Coinbase decides to register with the SEC, it will...more
The Monetary Authority of Singapore indicates that various forms of crowdfunding involving the use of digital tokens likely will be regulated if the digital tokens constitute products regulated under the Securities and...more
On April 12, 2017, FINRA issued three Regulatory Notices requesting comments on proposed changes to various rules relating to financing transactions. Regulatory Notice 17-14 requests comment on all of FINRA’s existing...more
The SEC has adopted a number of amendments to its forms and rules to reflect changes that resulted from the JOBS Act. The amendments will affect all public companies, including EGCs, as follows: All Domestic Public...more
On March 22, the Subcommittee on Capital Markets, Securities, and Investment of the Financial Services Committee conducted a hearing entitled “The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the...more
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
In February, I published a post entitled Is California “The Biggest Loser”. My reference was to Professor Lynn LoPucki’s finding that “California, home to 1,210 [public] companies but state of incorporation for only 112, is...more
The UK’s Financial Conduct Authority (“FCA”) published a “Dear CEO” letter on 28 February 2017 that requires urgent action from firms which operate a loan-based crowdfunding platform that facilitates loans to lending...more
Acting Chair Piwowar made remarks at the the Dialogue on Crowdfunding hosted by the Securities and Exchange Commission and the Salomon Center for the Study of Financial Institutions at New York University. In his remarks,...more
On February 28, 2017, the SEC’s Division of Economic and Risk Analysis (DERA) and New York University’s Salomon Center for the Study of Financial Institutions will host a dialogue on Securities Crowdfunding in the U.S. The...more