Crowdfunding Now!

AGENDA 9:30 a.m. Co-Chairs Stephen Graham and Sara Hanks call meeting to order Introductory Remarks by Chair Mary Jo White and Commissioner Kara Stein 10:00 a.m. Consider “Accredited Investor” Definition Recommendation as discussed at May 18th Meeting 10:30 a.m. Regulation A+ Update and Review Update from SEC Division of Corporation Finance staff on the usage of Regulation A+ in its first year Presentation from Paul Elio, CEO and Chairman of Elio Motors Inc., a company that conducted a Regulation A+ offering Discussion by Committee Members 12:00 p.m. Lunch Break 1:30 p.m. Regulation A + (Continued) Presentation by Daniel Zinn, General Counsel, OTC Markets Group regarding secondary trading of Regulation A+ shares 2:30 p.m. SEC Proposal to Amend the “Smaller Reporting Company” Definition Briefing from SEC Division of Corporation Finance staff regarding the Commission’s proposal issued June 27, 2016 to amend the “Smaller Reporting Company” Definitio

The summary below was written by the Congressional Research Service, a nonpartisan division of the Library of Congress. Fix Crowdfunding Act This bill amends the Securities Act of 1933 (Act) to increase from $1 million to $5 million the aggregate amount of securities sold to all investors by an issuer that qualify for the crowdfunding exemption from certain prohibitions relating to interstate commerce and the mails. The bill amends the Jumpstart Our Business Startups Act (JOBS Act) to declare that a crowdfunding portal shall have a reasonable basis for disqualifying issuers from offering securities through the portal if through a background check it has found that an issuer has made an untrue statement of a material fact, omitted to state a material fact necessary to avoid making misleading statements, or engaged in fraud or deceit. No intermediary (crowdfunding portal) shall be liable for an issuer's material misstatements and omissions unless, in connection with the offer