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Showing posts from October, 2013

2013 Entrepreneur Expo - Lecture on Crowdfunding

2013 Entrepreneur Expo National Black MBA Association, Inc. - Washington DC Chapter Tuesday, November 5, 2013 from 6:00 PM to 9:00 PM (EST) College Park, MD http://nbmbaadc2013entrepreneurexpo-eorg.eventbrite.com/

SEC votes to allow full crowdfunding

The full Securities and Exchange Commission voted today to approve rules allowing full crowdfunding. This means that, in short order, you will be able to sell stock in your small or startup company over the Internet . Title 3 of the JOBS Act means that issuers can sell securities online to anyone. The SEC voted to create a new SEC Act exemption to do so. The amount of money you can raise and the amount of money you can invest is limited, however. SEC Staff Members John Ramsey and Sebastian Gomez were two of the authors of this exemption. Ramsey noted the new rule requires crowdfunding intermediaries to register with the SEC and FINRA. The new rules create an entirely new type of business financing firm: a Funding Portal (FP). Portals bring investors, companies together. He noted that FINRA will issue a regulatory notice on FPs. SEC Staff Member Lela Bond noted that the proposed rules exclude foreign companies, investment companies, companies with no business plan, and compan

Senate pushes SEC on crowdfunding

Letter from the US Senate to the SEC about the JOBS Act . October 21, 2013 The Honorable Mary Jo White Chairman U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 Dear Chairman White: We write in response to recent news reports that the Securities and Exchange Commission (SEC) is nearing the point of proposing regulations on crowdfunding .  Proposed regulations have been delayed significantly, and we urge the SEC to move forward with its proposal as soon as possible. The Jumpstart Our Business Startups (JOBS) Act was adopted with bipartisan support in both the Senate and the House of Representatives . The legislation was signed into law on April 5, 2012, and in it Congress directed the SEC to publish rules on the crowdfunding provisions within 270 days of enactment.  It has now been over 530 days since the JOBS Act became law, and we have not seen a proposal from the SEC on crowdfunding.  We are concerned that so much time has passed wit