Some Thoughts On The SEC's Rulemaking On General Solicitation

A VC : Venture Capital and Technology

In response to the JOBS Act, the SEC has lifted the ban on General Solicitation  and on September 23, 2013, companies can start to use public marketing in their fundraising efforts with some important conditions. But the SEC has not stopped there. If anyone in the SEC cares to read this blog, they can consider this my public comment. If there was one rule that I would most like to see the SEC remove, this would be it.

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The Proposed SEC Rules Undermine The Goal Of The JOBS Act

Feld Thoughts

A number of the provisions have been slow to get written into law and the SEC has missed their deadlines on a bunch of stuff, including the often talked about equity crowdfunding activity. Recently, the SEC weighed in on a number of the things they were required to with much fanfare. Fred Wilson wrote Let The Games Begin in response to the SEC lifting the General Solicitation Ban. “The SEC giveth (as mandated by Congress) and taketh away (by its own mandate).

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How Reed Hastings’ Facebook Status Update Landed Netflix in SEC’s Crosshairs


Last month, the SEC announced it was taking action regarding Netflix’ (NFLX) securities compliance based on a Facebook status update posted by CEO Reed Hastings. In 2000, the SEC adopted Regulation FD in response to growing concerns regarding “ selective disclosure.”

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The SEC and Private Markets

A VC : Venture Capital and Technology

The WSJ says that the SEC is reviewing the rules under which privately held companies raise capital and are subject to securities regulation. They quote the SEC Chair Mary Schapiro as saying: The staff is taking a fresh look at our rules to develop ideas for the Commission about ways to reduce the regulatory burdens on small business capital formation.

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SEC Releases Rules for Equity-based Crowdfunding


Legislation from the JOBS Act, signed into law by […] The post SEC Releases Rules for Equity-based Crowdfunding appeared first on SiliconHills. Austin San Antonio crowdfunding equity-based crowdfunding JOBS Act rules SEC Securities and Exchange Commission startups Title III Early next year, startups may be able to raise money from the general public to finance their ventures.

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Using RSS To Track SEC Filings

Feld Thoughts

However, I don’t really care about the daily stock prices – instead, I’m focused on the actual SEC filings. I used to subscribe to several services for SEC filings (remember EDGAR Online and 10KWizard ) but let them lapse a while ago. My partner Jason suggested I just use the SEC website. Now, whenever a company I’m tracking files something with the SEC, it’ll show up the next morning in Google Reader. Tech I Use public companies rss sec

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AngelList Syndicate Update – Week 1

Feld Thoughts

Yeah – the problems are obscure ones generated by our government, and there are moments where it seems like the SEC simply doesn’t want any of this to actually work. Angel Investing angelist crowdfunding fg angel sec syndicates

SEC Adopts New Equity-based Crowdfunding Rules


The difference is up until the change, only so-called accredited investors, high net worth individuals, could […] The post SEC Adopts New Equity-based Crowdfunding Rules appeared first on SiliconHills. The U.S. Securities and Exchange Commission approved new crowdfunding rules last Friday allowing companies to raise money from anyone. The new rules allow companies to offer up to $1 million a year in securities through online equity-based crowdfunding portals.

Theranos Under Investigation by the SEC

Inc Startups

The blood-testing startup is facing both a criminal and civil probe

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The SEC Is Investigating Elon Musk's Solar Division

Inc Startups

The federal regulators believe Tesla's solar unit might have masked the number of customers who have canceled their contracts. Technology

After Raising $6.7M For Startups And Winning SEC Approval, AngelList Opens Up Investment Platform To More Companies

For Startups And Winning SEC Approval, AngelList Opens Up Investment Platform To More Companies. And just a few weeks ago, the SEC gave the investment platform the greenlight under its regulations. Startups. Mobile. Gadgets. Europe. Video. Enterprise. Venture. Social. GreenTech. Gaming.

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Why Twitter’s Confidential S-1 Filing Is A Good Thing

Feld Thoughts

We’ve confidentially submitted an S-1 to the SEC for a planned IPO. Anyone who has been through taking a company public knows that there are numerous steps between the first S-1 filing with the SEC and the final filling where the SEC says “ok – you are ready to go public now.” When a company has this cleared by the SEC, it is ready to go public. If the SEC was slow because they had a backlog, it would take longer.

SEC Crackdown On Investment Adviser Compliance Deficiencies

Recent Buzzes - VC Experts, Inc.

The Securities and Exchange Commission (the "SEC") is cracking down on firms with compliance deficiencies under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Although three SEC enforcement cases announced on November 28, 2011, involve extreme disregard by the particular investment adviser firms, these cases are sobering evidence of the penalties that may follow for advisers (and even for Chief Compliance Officers personally) that disregard SEC compliance

SEC Adopts Private Fund Risk Reporting

Recent Buzzes - VC Experts, Inc.

Late in 2011, the Securities and Exchange Commission (the "SEC") adopted Rule 204(b)-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). The new rule will require SEC-registered advisers with at least $150 million in assets under management attributable to private funds to report certain information to the SEC on newly created Form PF

SEC Adopts Final Crowdfunding Rules: Is It The Win Everyone Hoped For?

VC Deal Lawyer

Depending on who you are, upon hearing that the SEC has adopted final crowdfunding rules, you may either shriek with joy or shrug your shoulders and return to whatever was previously occupying your time. Whichever camp you fall into, October 30, 2015 was the day to shriek or shrug as the SEC adopted, subject to public comment and publication, long-awaited final rules permitting companies to crowdfund (Regulation Crowdfunding, as it is known, or “RC”). – SEC.

Tesla Under Investigation for Possible SEC Rule Violation After AutoPilot Crash

Inc Startups

The Securities and Exchange Commission initiated a probe of Elon Musk's company over a potential security law violation

Finally: SEC Lifts Ban on Advertising Fundraising Rounds

Inc Startups

But it comes with a big caveat: The SEC commissioners also voted 3-2 for new regulations that would force start-up founders to file documents with the SEC before raising cash. Later today, the SEC will update its site with proposed rules from today''s hearing.

Announce Your Financing In Conjunction With Your Form D Filing

Feld Thoughts

When you do a financing, you file something called a Form D with the SEC. But it’s meaningless – “Joe’s Company Raised $X From Investors A, B, and C according to a filing with the SEC.” Financing form d pr secI’ve always had mixed feelings about the importance of a company announcing a financing in the absence of any other activity. “Dear World: We Just Raised $X From Investors A, B, and C.” ” Ok, but so what?

SEC Report About The DAO ICO Being A Security Is Good News For The Community

Inc Startups

The SEC report was inline with self regulation that has already happened inside the community. Money


SEC Adopts Final Rules Regarding Investment Adviser Registration

Recent Buzzes - VC Experts, Inc.

On June 22, 2011, the Securities and Exchange Commission (the "SEC") adopted final rules [1] ?which Prior to the Dodd-Frank Act, investment advisers commonly relied on an exemption from registration with the SEC under Section 203(b)(3) of the Investment Advisers Act of 1940 (the "Investment Advisers Act"), which is commonly referred to as the "private adviser exemption." During the open meeting in which the final rules were adopted, SEC Chairman Mary L.

Do You Need To File A Form D With A Financing?

Ask The VC

It used to be the case that whenever a private company did a financing, it filed a Form D with the SEC in order to comply with Regulation D. Therefore a company that wants to be stealth and elects against the advice not to file the Form D is violating an SEC rule, but it doesn’t jeopardize the offering exemption. Legal form d legal regulation d sec stealth

SEC Was Hacked - And Criminals May Have Profited From Stolen Non-Public Information

Inc Startups

A breach detected last year may have been much worse than initially thought. Technology

Here's What the SEC's New Fundraising Rules Mean for You

Inc Startups

Starting Monday, small business owners will be able to tap a new set of investors under the long-awaited Title III equity crowdfunding rules. Here's what that means for you

SEC Enforcement Action Shows Regulatory Focus on Private Equity Managers

Recent Buzzes - VC Experts, Inc.

1] The SEC issued an administrative order alleging that the Partner usurped investment opportunities from the adviser's funds (the "Funds") while failing to disclose a conflict of interest, thereby violating the adviser's code of ethics, as well as violating the anti-fraud provisions of the federal securities laws, and aiding and abetting the violation of other federal securities laws

The 99: How the SEC protects you from venture capital returns.

This is going to be BIG.

The SEC, in an effort to "protect the little guy" has all sorts of regulations. I don''t need to remind you of the widening gap between the rich and the poor, but if I were to be more accurate, I''d say it''s the widening gap between the mega rich and everyone else. When you''ve already got tens and hundreds of millions of dollars, a whole world of moneymaking opportunities are available to you that the rest of the world can''t access. Take venture capital, for example.

Start-ups to SEC: Move Faster on Crowdfunding

Inc Startups

where he and several other entrepreneurs traveled to Capitol Hill to urge SEC lawmakers to establish those rules, so crowdfunding platforms could finally legally begin to launch. But perhaps most importantly, like Eakin, Ravikant was emphatic that the SEC must act quickly. "I

"How do you really feel?" Issa challenges the SEC

Recent Buzzes - VC Experts, Inc.

sent a sharply worded letter to Chairman Mary Schapiro of the Securities and Exchange Commission (the "SEC"), in which he demanded that the SEC justify several of its rules regarding raising capital, including the "quiet period" that restricts a company's communications ahead of an initial public offering ("IPO") and the rules that limit the number of investors in private companies to 499 In 2011, U.S. House Oversight Committee Chairman Darrell Issa (R., Calif.),

SEC Exposes Two Initial Coin Offerings Crimes


CH The Securities Law Blog: SEC Exposes Two Initial Coin Offerings Purportedly. : Just a matter of time. - The Securities and Exchange Commission today charged a businessman and two companies with defrauding investors in a pair of so-called initia

How The SEC Is Violating My Wife’s First Amendment Rights

Feld Thoughts

So, if I contribute $1,000 to the campaign of the Colorado state treasurer, I violate this SEC rule and become someone who is “paying to play.&# The NVCA has also studied the new SEC rule and has come to the same conclusion: “This ruling is consistent with guidance the NVCA has been providing members. Tags: Politics first amendment pay to play sec Venture Capital Over the past 24 months, a deplorable activity in the money management business came to light.

SEC Rule 10b-5 Now Has A Sister And She's Mean!

Recent Buzzes - VC Experts, Inc.

Under Rule 10b-5, adopted by the SEC in 1942 pursuant to Section 10(b) of the Securities Exchange Act of 1934, it is unlawful "to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading" in connection with the purchase or sale of securities.

US Sec. of Commerce On Why A Great Entrepreneur Can Come From Anywhere

Inc Startups

Penny Pritzker, US Secretary of Commerce, shares her insights into the changing face of entrepreneurship

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SEC Advisory Committee Calls to Relax Restrictions on General Solicitation in Private Placement

Recent Buzzes - VC Experts, Inc.

On January 6, 2012, the Securities and Exchange Commission (SEC) Advisory Committee on Small and Emerging Companies recommended that the SEC take immediate action to relax or modify the restrictions on general solicitation and general advertising in private offerings that are sold solely to accredited investors

Lawmakers Urge SEC to Overhaul IPO Process

Inc Startups

After Facebook's IPO mess, lawmakers get the ball rolling to possibly change the process. Looks like some good might come from Facebook's messy initial public offering.

Reg D (Rule 506) - SEC proposes 'Bad Actor' Disqualification

Recent Buzzes - VC Experts, Inc.

The proposed amendments, adopted May 25, 2011, can be found in SEC Release No. The Securities and Exchange Commission has proposed amendments to Rule 506 of Regulation D under the Securities Act of 1933 that would disqualify "bad actors" from participating in private placements that rely on Rule 506 for an exemption from the registration requirements of the Securities Act. 33-9211. A copy of the Release is available at [link

Crowdfunding Bill Stuck in the Senate

Scott Edward Walker

Crowdfunding broker-dealer crowdfunding crowdfunding bill crowdfunding intermediary funding portal general solicitation Jack Herstein Kickstarter NASAA Rockethub SEC Senator Merkley Senator Scott Brown Steve CaseIn early November, the U.S.

What Are Clean Shares - Individual Investor


From Drinker Biddle: The SEC released recently a no-action letter in which it permitted share class arrangements (dubbed “clean shares”) under which brokers, rather than mutual funds, would set the commission rates on fund shares for their customers as long as certain conditions are met. The SEC’s guidance may have a wide ranging effect on how mutual fund shares are purchased and sold in the future. 40 Act Fund Clean Shares Broker SEC

Seriously Ridiculous: Rethinking the SEC's Proposed Crowdfunding Rules

Inc Startups

The Securities and Exchange Commission (SEC) released its proposed rules for crowdfunding the other week. But the SEC proposal is drawing some well-deserved criticism. Which is why the smart people at the SEC are seeking feedback to their proposals over the next 90 days.

Almost Anyone Can Now Invest in Private Companies: SEC Finalizes CrowdFunding Rules

Yesterday, the SEC announced its final guidance for fundraising under the JOBS Act, and the news is overall very good for startups and any private companies that want to raise capital. Here''s the full 250+-page SEC document (and I expect you to read it all. It''s been a long time, you and I. We''ll try this again for this special news.

Mark Cuban's Advice to Startups: Go Public

Inc Startups

Billionaire investor Mark Cuban is taking aim at the SEC, saying it should stop hamstringing companies from pursuing an IPO

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SEC Approves NASDAQ's BX Venture Market- a New Listing Option for Smaller Companies

Recent Buzzes - VC Experts, Inc.

The NASDAQ OMX Group has received approval from the SEC to launch its new listing market, the BX Venture Market. The BX Venture Market is intended to serve as a new listing alternative for early stage and smaller companies that do not qualify for a NASDAQ Capital Market listing, bridging the gap between the over-the-counter markets and NASDAQ's existing listing venues.