News & Analysis as of

Securities Act of 1933 › The Jump-Start Our Business Start-Ups Act › Crowdfunding

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Goodwin

Four Lessons from Two FINRA Enforcement Actions against Crowdfunding Portals

Goodwin on

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

Ward and Smith, P.A.

FAQ: What Businesses Need to Know About Investment Crowdfunding

Ward and Smith, P.A. on

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

Fox Rothschild LLP

SEC Releases New Compliance and Disclosure Interpretations on Regulation Crowdfunding

Fox Rothschild LLP on

On April 5, the Division of Corporate Finance of the Securities and Exchange Commission released two new compliance and disclosure interpretations (“C&DIs”) regarding Regulation Crowdfunding. Regulation Crowdfunding was...more

Orrick - Finance 20/20

FinCEN Proposes Funding Portals Regulations under Bank Secrecy Act

Orrick - Finance 20/20 on

On April 4, 2016, the Financial Crimes Enforcement Network, a bureau of the Department of the Treasury (“FinCEN”), proposed amendments to the definitions of ‘‘broker or dealer in securities’’ and ‘‘broker-dealer’’ under the...more

Cooley LLP

Alert: SEC Invites the "Crowd" Into Equity Financing

Cooley LLP on

On October 30, 2015, the Securities and Exchange Commission (the "SEC") adopted final rules ("Regulation Crowdfunding") and forms implementing the crowdfunding provisions of Title III of the Jumpstart Our Business Startups...more

Blank Rome LLP

Crowdfunding Is Something Worth Explaining to Investors

Blank Rome LLP on

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted new Regulation Crowdfunding to implement the requirements of the Jumpstart Our Business Startups Act. Regulation Crowdfunding prescribes rules...more

Morrison & Foerster LLP - JOBS Act

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

Morrison & Foerster LLP - JOBS Act on

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

Kelley Drye & Warren LLP

SEC Releases Final Crowdfunding Rules

Kelley Drye & Warren LLP on

On October 30, 2015, the Securities and Exchange Commission (“SEC”) released its highly anticipated final rules regarding equity crowdfunding, which will permit companies to raise up to $1 million per year from investors on...more

Morrison & Foerster LLP

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

Morrison & Foerster LLP on

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

Skadden, Arps, Slate, Meagher & Flom LLP

"Corporate Finance Alert: SEC Finalizes Crowdfunding Rules, Proposes to Expand Intrastate Offering and Rule 504 Exemptions"

Skadden, Arps, Slate, Meagher & Flom LLP on

The U.S. Securities and Exchange Commission (SEC) recently took several important steps to facilitate smaller securities offerings. First, it adopted final rules for the new Securities Act exemption for securities-based...more

Troutman Pepper

Crowdfunding Regulations

Troutman Pepper on

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

Orrick - Finance 20/20

SEC Adopts Rules to Permit Crowdfunding: Proposes Amendments to Existing Rules to Facilitate Intrastate and Regional Securities...

Orrick - Finance 20/20 on

On October 30, the Securities and Exchange Commission adopted final rules under Title III of the JOBS Act (“Regulation Crowdfunding”) to permit a company to offer and sell securities through crowdfunding transactions that...more

Morrison & Foerster LLP

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

Morrison & Foerster LLP on

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

Ballard Spahr LLP

SEC Issues Final Rule on Crowdfunding, Proposes Amendments to Existing Rules to Facilitate Small Business Capital Raising

Ballard Spahr LLP on

Last week, the U.S. Securities and Exchange Commission (SEC) adopted the final rule permitting crowdfunding, permitting investors to purchase securities over the Internet using a crowdfunding exchange, on October 30, 2015....more

Morrison & Foerster LLP - JOBS Act

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

Morrison & Foerster LLP - JOBS Act on

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

Katten Muchin Rosenman LLP

Meeting of the SEC Advisory Committee on Small and Emerging Companies

Katten Muchin Rosenman LLP on

The Securities and Exchange Commission’s Advisory Committee on Small and Emerging Companies (Committee) met on June 3 to discuss various topics including (1) SEC rules with respect to intrastate crowdfunding; (2) the...more

K&L Gates LLP

Crowdfunding: What It Is and What It Isn’t

K&L Gates LLP on

THIS OUTLINE is intended to flag a number of things about Crowdfunding that counsel should consider and in guiding entrepreneurial clients and small issuers with this developing capital formation exemption from the...more

Shumaker, Loop & Kendrick, LLP

Crowdfunding Disclaimers Aren’t Adequate to Avoid Liability under U.S. Securities Laws

Shumaker, Loop & Kendrick, LLP on

Warning to non-United States equity crowdfunding sites: it’s not enough to warn that offerings are not being made to United States residents. Your procedures must verify that investors are not United States residents. On...more

Smith Anderson

Recent Developments for Intrastate Crowdfunding and Social Media Use

Smith Anderson on

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

Baker Donelson

Gimme an "A!" The SEC Proposes Regulation A Offerings for up to $50 Million

Baker Donelson on

As we have noted in prior Bulletins, 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...more

Allen Matkins

SEC Proposes Regulations Related to Crowdfunding (Part 1)

Allen Matkins on

The Securities and Exchange Commission ("SEC") proposed for comment new regulations on Crowdfunding. Crowdfunding is the general term used to describe a new way of raising capital using the Internet. A crowdfunding...more

Katten Muchin Rosenman LLP

SEC Division of Corporation Finance Issues 11 New C&DIs

Katten Muchin Rosenman LLP on

On November 13, the Securities and Exchange Commission’s Division of Corporation Finance issued two new Compliance and Disclosure Interpretations (C&DIs) on Rule 144A under the Securities Act of 1933 (Securities Act) and nine...more

Morrison & Foerster LLP - JOBS Act

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

Morrison & Foerster LLP - JOBS Act on

In this alert, we provide a detailed overview of the proposed regulatory framework that will be applicable to crowdfunding offerings conducted pursuant to Title III of the JOBS Act in reliance on Section 4(a)(6) of the...more

Pierce Atwood LLP

SEC Proposes "Crowdfunding" Rules

Pierce Atwood LLP on

On October 23, 2013, the SEC approved proposed rules enacting the crowdfunding exemption (Section 4(a)(6) of the Securities Act of 1933) created by Congress in Title III of the JOBS Act, permitting non-public companies to...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

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