One of the biggest changes in the regulation of capital formation by smaller companies is coming. The revisions to SEC Regulation A, mandated by the Jumpstart Our Business Startups (JOBS) Act of 2012, have been proposed by the SEC. Comments must be submitted no later...
After unanimously sailing through the House Financial Services Committee back in November, the full House of Representatives, in a lopsided 412-4 vote, last week passed HR 3448, known as The Small Cap Liquidity Act of 2013. The bill now moves to the US Senate for...
A few weeks ago at a keynote speech in California, SEC Chair Mary Jo White covered a wide range of topics in the world of securities regulation. The speech also referenced crowdfunding and Regulation A, both the subject of current pending rulemakings awaiting final action...
In a stunning reversal from over a decade of ruling differently, last Friday the SEC released a "no-action" letter saying it will not go after intermediaries in merger & acquisition transactions for failure to register as a broker-dealer even if they receive a commission equal...
The North American Securities Administrators Association (NASAA, not to be confused with the space agency) is pushing to allow states to have a chance to complete a merit-based review of offering documents under the newly proposed Regulation A+ (see prior posts). Recall that this has...
I am just starting to get through the recently released 300+ page rule proposal from the SEC on so-called "Regulation A+." The Jumpstart our Business Startups (JOBS) Act required the SEC to change rules to allow simplified IPOs under old Regulation A to be more...
Due largely to lobbying efforts by large technology companies, the US House of Representatives just passed a bill to make it harder for so-called patent "trolls" to sue technology companies for infringement. The bill sailed through with wide bi-partisan support. The White House has said...
I spent yesterday in Washington attending the SEC's annual symposium on small business capital formation. Congress mandated about 25 years ago that the SEC hold this conference annually. There are panels in the AM and breakout groups in the afternoon that develop recommendations for the...
The House Financial Services Committee has been busy for sure! Last week they unanimously (57-0) approved and sent to the full House HR 3448, known as The Small Cap Liquidity Act of 2013. The key sponsor: Rep. Sean Duffy (R-WI). The bill is seen by...
Led by Congressman Bill Huizenga (R-MI) and eight other sponsors (including one Democrat), this past Thursday the House Financial Services Committee unanimously approved HR 2274. The bill, known as the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013, was originally introduced back...