JOBS Act, Securities and Exchange Commission (SEC), Investors

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

Paul Hastings LLP on 3/26/2025

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of...more

Less Red Tape, More Capital? SEC Clarifies 506(c) Verification Rules

DarrowEverett LLP on 3/17/2025

On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a significant no-action letter clarifying the use of high minimum investment amounts as a method for verifying accredited investor status under Rule...more

SEC Expects Crowdfunding Portals to be 'Gatekeepers,' Not Ignore Red Flags

Fox Rothschild LLP on 2/8/2022

The U.S. Securities and Exchange Commission is serious about regulating not only startups looking to raise money through crowdfunding portals, but the platforms themselves. Case in point: In September 2021, the SEC...more

Blog: Equity Crowdfunding – Is It For You?

Cooley LLP on 8/3/2020

Entrepreneurs often ask whether equity crowdfunding is a viable option for funding their company. As is often the case with questions to an attorney, the answer is “it depends”. In 2012, when President Obama signed into law...more

“Testing-the-Waters” for All

Fenwick & West LLP on 10/3/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) voted to adopt new Rule 163B under the Securities Act of 1933, as amended (Securities Act), to expand the “testing-the-waters” (TTW) accommodation —...more

Gauging Interest: SEC Votes to Approve Proposal to Expand “Test-the-Waters” Rules

Sheppard Mullin Richter & Hampton LLP on 10/3/2019

The Securities and Exchange Commission (“SEC”) announced on September 26, 2019 that it voted to adopt the application of “testing-the-waters” rules to all issuers who engage in raising capital in the public markets. This...more

SEC Extends "Test the Waters" to All Issuers

Wilson Sonsini Goodrich & Rosati on 10/2/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) announced that it had voted to adopt new Rule 163B, extending the "test the waters" accommodations previously available only to emerging growth...more

Legal Update: Testing the Waters for All – New Rule 163B Expands TTW to All Issuers

Mayer Brown Free Writings + Perspectives on 9/30/2019

On September 26, 2019, the US Securities and Exchange Commission extended the ability to test the waters to all issuers by adopting the highly anticipated new Rule 163B under the Securities Act of 1933 (the Securities Act)....more

SEC Proposes to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K

Akin Gump Strauss Hauer & Feld LLP on 8/25/2019

In an effort to improve the readability of disclosure documents, as well as discourage repetition and disclosure of information that is not material, the Securities and Exchange Commission (SEC) proposed amendments on August...more

SEC Deliberates and Seeks Input to Ease Access to Unregistered Offerings

BakerHostetler on 7/16/2019

On June 18, 2019, the Securities and Exchange Commission (SEC) requested public comment on “Harmonization of Securities Offerings Exemptions” – specifically, with regard to certain exemptions from registration under the...more

Investment Services Regulatory Update - August 2018

Vedder Price on 8/21/2018

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS – OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution – On July 11, 2018, the Office of Compliance Inspections and...more

Blog: JOBS Act 3.0?

Cooley LLP on 7/25/2018

Will there be a JOBS Act 3.0? The JOBS and Investor Confidence Act of 2018 just passed the House by a vote of 406 to 4, so, even though Senators may often be chary of jumping on the House bandwagon—remember the doomed...more

Proskauer’s Study Examines 2017 IPOs

Proskauer Rose LLP on 4/18/2018

Welcome to this fifth edition of Proskauer’s IPO Study. In it you will find our analysis of market practices and trends for U.S.-listed initial public offerings (IPOs). Our proprietary database and analyses now cover 462 IPOs...more

FAQ: What Businesses Need to Know About Investment Crowdfunding

Ward and Smith, P.A. on 11/9/2017

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

Blog: SEC Chair Jay Clayton Discusses Principles Guiding His Tenure At The SEC

Cooley LLP on 7/13/2017

In his first public speech as SEC Chair, Jay Clayton outlined for the Economic Club of New York eight principles that he aims to guide his tenure as Chair. In discussing these principles and some ways in which he plans to put...more

Blog: What’s Up With The Declining Number Of IPOs?

Cooley LLP on 6/27/2017

At a meeting on Thursday of the SEC’s Investor Advisory Committee, a panel discussed the declining number of IPOs, a topic that seems to be top of mind for many in the securities arena. Of course, there’s a reason for that;...more

Regulation A+: A Capital-Rising Method that is Ready for Franchising

Baker Donelson on 1/26/2017

In a prior article published in Franchising Today, we addressed the intersection of franchises and crowdfunding, a method of business financing which was made legal through rulemaking on the part of the Securities and...more

New JOBS Act Rules Regarding Accredited Investor Determination

Lowndes on 11/22/2016

New SEC rules mandated by the JOBS Act require that an issuer’s determination of an investor’s “accredited investor” status must be made as of the last day of the issuer’s most recent fiscal year rather than at the time of...more

Comment Period Closing July 21 on Possible Expansion of Environmental Sustainability Disclosure Requirements

Beveridge & Diamond PC on 6/10/2016

Comments are due July 21, 2016 on a concept release published on April 22, 2016 by the U.S. Securities and Exchange Commission (“SEC” or the “Commission”) on potential revisions to certain business and financial disclosure...more

Reinventing Public Company Disclosure: SEC Requests Public Comment on Regulation S-K

Foley & Lardner LLP on 4/26/2016

On April 13, 2016, the U.S. Securities and Exchange Commission (SEC) issued a concept release discussing and requesting public comment on the business and financial disclosure required by Regulation S-K. The concept release...more

Crowdfunding Is Something Worth Explaining to Investors

Blank Rome LLP on 3/1/2016

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

Crowdfunding Portals Begin to Register With the SEC

Stinson - Corporate & Securities Law Blog on 2/1/2016

The SEC registration process for Title III crowdfunding portals was recently commenced. So far we are aware of one Form Funding Portal that has been filed to begin the registration process. ...more

Financing Marketplace Loans: Ten Key Things to Know Before Catching the Securitization Wave

K&L Gates LLP on 1/16/2016

Marketplace loans are the most exciting securitization asset class to emerge since credit cards and student loans. Securitization provides marketplace loan investors with liquidity, diversified funding and interest rate...more

FINALLY… SEC Finalizes Crowdfunding Rules

Chambliss, Bahner & Stophel, P.C. on 11/16/2015

On October 30, 2015, the U.S. Securities Exchange Commission ("SEC") adopted final rules which will allow companies to offer and sell equity and securities through a crowdfunding exemption in the Jumpstart Our Businesses Act...more

SEC Adopts Final Crowdfunding Rules under the JOBS Act

Patterson Belknap Webb & Tyler LLP on 11/15/2015

On October 30, 2015, the U.S. Securities and Exchange Commission (SEC) adopted final rules under Title III of the JOBS Act to enable U.S. companies to offer and sell securities through crowdfunding (Regulation Crowdfunding). ...more

The Jump-Start Our Business Start-Ups Act › Securities and Exchange Commission (SEC) › Investors

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