The SEC recently
released its proposed rules for Title III of the JOBS Act (i.e. “crowdfunding”)
which, while a major step in the opening of this market, does not mean
that issuers are now able to pursue crowdfunding transactions. The rules that
were proposed by the SEC will be subject to a comment period and the release
and adoption of final rules.
As a
result, we continue to receive a lot of questions on the JOBS Act: what can and
can’t be done with respect to marketing securities transactions now (general
solicitation?), the types of investors that can invest (accredited investors
only?), the types of transactions issuers can pursue (Title II vs. Title III?),
the timing of any upcoming changes, whether new investor networks can be
started now by Joe Public and pretty much everything else.
We will
release a summary of the rules as proposed by the SEC and the registration
process proposed by FINRA in short order. However, as the proposed rules
generally follow the requirements of the JOBS Act, the discussion below
provides a good snapshot of where things stand at the moment.
I have
run through some of the most frequently asked questions that we receive,
attempted to put things into language that makes sense, given an idea of where
things currently stand and maybe shed some light on where things (might) go in
the near future.
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