Tuesday, August 12, 2014

DC Crowdfunding Exemption Proposed

The D.C. Department of Insurance, Securities and Banking issued a Notice of Proposed Rulemaking on the District of Columbia-Only Securities Offerings Exemption on August 8, 2014. Comments are due Sept. 6, 2014.

"The proposed rulemaking would establish a localized exemption from the District’s full securities registration requirements in order to simplify and encourage investing in D.C.-based small businesses.
To qualify for the exemption, the business must be organized under D.C. law, have its principal place of business in the District and the securities in the offering must be offered only to D.C. residents. The proposed method of funding (up to $2 million) will be available only to D.C.-based businesses..."
All persons desiring to file comments on the proposed rulemaking should submit written comments via e-mail to disb.dconlyregs@dc.gov. or by mail to the Department of Insurance, Securities, and Banking, 810 First Street, NE, Suite 701, Washington, DC 20002, Attn: Lilah R. Blackstone, Assistant General Counsel.

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